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Cannabis Summary for March 26, 2020

2020-03-26 19:23 ET - Market Summary

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by Stockwatch Business Reporter

In another strong day for the broader market, the S&P/TSX Cannabis Index gained 13.76 points to 141.54 Thursday (its sixth straight positive day), while the Canadian Securities Exchange Composite Index rose 16.89 points to 282.29. In company news, The Green Organic Dutchman Holdings Ltd. (TGOD) gained 1.5 cents to 34.5 cents on 8.76 million shares despite slashing its work force and reducing salaried-employee pay and executive pay for some executives. The company says the cost-cutting measures are necessary as a result of "multiple factors, most particularly the COVID-19 pandemic." Dutchman's chief executive officer, Brian Athaide, is one of the executives taking a 30-per-cent pay cut, according to Matt Lamers of MJ Biz Daily.

The Dutchman also plans to postpone operations at its Valleyfield, Que., facility, and has "temporarily" laid off 30 staff from Valleyfield. The company will now focus its operations on its facility in Ancaster, Ont., which it says can produce larger volumes than initially anticipated. (The Dutchman had expected Ancaster to have an annual marijuana-growing capacity of 12,000 kilograms in 2020, with the potential to scale to 17,500 kg later. Given the Dutchman's paltry 2019 sales of $11.1-million (likely well under 5,000 kg), that should be plenty of capacity for the struggling Dutchman.)

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