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Cannabis Summary for April 16, 2020

2020-04-16 19:30 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 4.67 points to 124.34 Thursday, while the Canadian Securities Exchange Composite Index gained 1.76 points to 276.70. Canopy Growth Corp. (WEED) fell 45 cents to $20.40 on 2.84 million shares after announcing another series of operational shutdowns that span three continents: Africa, South America and North America.

Canopy intends to exit its operation in South Africa and Lesotho by selling it to a local business in Africa. It expects that deal to close in "the coming weeks" but did not say a deal had actually been agreed to. In Latin America, Canopy will stop operating its cultivation facility in Colombia. It will instead buy raw materials from local suppliers to continue making cannabis products in that market. Meanwhile, in North America, Canopy says it will shut down both its Saskatchewan cannabis cultivation facility (a very small operation capable of only producing 100 kilograms of marijuana per year) and its New York hemp farming operation (the company was growing hemp to make CBD products).

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