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Cannabis Summary for March 25, 2020

2020-03-25 18:11 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 5.2 points to 127.78 Wednesday, while the Canadian Securities Exchange Composite Index dropped 1.61 points to 265.40. According to a report from BNN Bloomberg, a number of cannabis companies have stepped up to provide protective gear for health care workers to help deal with the COVID-19 crisis. Canopy Growth Corp. (WEED: $19.98) and Hexo Corp. (HEXO: $1.09) have each provided hospitals with personal protection equipment such as face masks, gloves and bodysuits. Many hospitals have a significant shortage of these items.

Cannabis staff workers use facemasks and PPE gear in greenhouses to help prevent plant contamination, according to the report. The timing coincided with Canopy's shutting down of two major greenhouses in British Columbia; Canopy donated "thousands" of gloves, suits and masks from those greenhouses.

Other companies that plan to donate PPE gear include Village Farms International Inc. (VFF: $4.23), Aphria Inc. (APHA: $4.17), TerrAscend Corp. (TER: $2.25), Canntrust Holdings Inc. (TRST: $0.96), WeedMD Inc. (WMD: $0.365) and Valens Groworks Corp. (VLNS: $2.20), while Organigram Holdings Inc. (OGI: $2.51) plans to donate 500 litres of ethanol, which can be used to make hand sanitizer.

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