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Cannabis Summary for March 27, 2020

2020-03-27 19:05 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 0.94 point to 142.48 Friday, ending the week up 28.47 points, while the Canadian Securities Exchange Composite Index slipped 0.03 point to 282.26, up 52.05 points on the week. With demand for cannabis surging and dispensaries being deemed "essential businesses," the S&P/TSX Cannabis Index's gain of 20 per cent and the CSE Composite Index's gain of 18 per cent exceeded the gains of the broader market this week. The Dow Jones Industrial Average index gained 11.3 per cent. Cannabis stocks had fallen further than the broad market in the first three weeks of March, but they appear to be somewhat insulated from COVID-19 disruptions.

Ben Kovler's United States-based Green Thumb Industries Inc. (GTII) fell 47 cents to $8.75 on 651,200 shares after the release of its 2019 results. Green Thumb lost $12.9-million (U.S.) on revenue of $75.8-million (U.S.) in the fourth quarter, which was mostly in line with analysts' expectations. Q4 was a modest improvement on Q3, in which Green Thumb lost $17.1-million (U.S.) on revenue of $68-million (U.S.). Overall in 2019, the company lost $62-million (U.S.) on revenue of $216-million (U.S.).

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