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Cannabis Summary for April 9, 2020

2020-04-09 19:25 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index closed the shortened week with a 1.21-point drop to 127.48, while the Canadian Securities Exchange Composite Index gained 1.91 points to 276.64. Last week ended with news that cannabis companies would no longer be considered "essential businesses" in Ontario, meaning they would have to stop operations. The province planned to go forward with the provincially owned Ontario Cannabis Store as Ontario's only marijuana supply. Under that arrangement, cannabis companies would still be able to sell products through the OCS on-line store but all non-OCS dispensaries in Ontario would be closed.

Earlier this week, Ontario again changed its course. Licensed cannabis retailers will be allowed to operate again, but will only be able to make sales through delivery or curbside pickup. Ontario attorney general Doug Downey says the province changed its decision so "private operator stores are able to still provide product to the legal market and this product won't get into the hands of kids."

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