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Cannabis Summary for April 3, 2020

2020-04-03 20:02 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index fell 4.68 points to 119.61 Friday, while the Canadian Securities Exchange Composite Index slipped 0.72 point to 267.27. Kevin Murphy's United States-based Acreage Holdings Inc. (ACRG.U) lost 33 cents to $1.68 on 579,700 shares after announcing a series of moves in response to COVID-19 "and other uncontrollable factors" that have affected the cannabis industry. The company has temporarily furloughed 122 employees both at its corporate office and at growing operations across the U.S. (When an employee is furloughed, the expectation is that he will be hired back. The term is frequently used during government shutdowns, when non-essential public employees are told to not go to work.)

The company will also temporarily close some dispensaries and operating facilities, including one dispensary in Maryland and one in North Dakota, as well as its wholesale operation in Iowa and its manufacturing operations in California, Oregon and Washington. It has also converted its Queens, N.Y., dispensary to a delivery hub (medical marijuana companies have been designated as "essential businesses" in New York, where medical marijuana is legal but recreational is not). Acreage notes that it expects delays for construction and regulatory approvals at its operations in Illinois, California, Massachusetts, Michigan and elsewhere.

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