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Cannabis Summary for April 8, 2020

2020-04-08 19:52 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 5.21 points to 128.69 Wednesday, while the Canadian Securities Exchange Composite Index gained 0.73 point to 274.73. The day began with some sad news. Charlotte Figi, a 13-year-old girl who inspired the name of CBD producer Charlotte's Web Holdings Inc. (CWEB: $5.85), has died from COVID-19, according to a Tuesday Facebook announcement from a family friend.

Charlotte is credited with accelerating the adoption of cannabis as an effective medical drug. She had severe epilepsy as a child; by the time she was five, she could not walk or talk and needed a feeding tube. Traditional epilepsy treatments and medications failed to help Charlotte, so her parents began looking for alternative options.

Charlotte and her parents eventually started working with Charlotte's Web to develop a high-CBD strain of cannabis. The strain (called Charlotte's Web) successfully treated Charlotte's seizures. Eventually, she no longer needed a feeding tube and was able to walk and talk again. Her story gained widespread attention and inspired other epilepsy patients to treat their conditions with CBD.

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