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Cannabis Summary for April 17, 2020

2020-04-17 19:07 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 3.66 points to 128 Friday, ending the week up 0.52 point. The Canadian Securities Exchange Composite Index gained 4.65 points to 281.35 Friday, closing the week up 4.71 points. In company news, Las Vegas-based retailer Planet 13 Holdings Inc. (PLTH) gained 13 cents to $1.62 on 237,300 shares after renegotiating its agreement to acquire a cannabis sales licence and lease for a dispensary in Santa Ana, Calif., which would be Planet 13's second operating dispensary. The week started with Planet 13 announcing that it had walked away from the deal, citing a desire to preserve cash amidst COVID-19-caused uncertainty. As of Dec. 31, Planet 13 had $11.8-million (U.S.) of working capital and $12.8-million (U.S.) of cash.

The original agreement called for Planet 13 to pay $5.8-million (U.S.) in cash, $4-million (U.S.) worth of shares plus a $200,000 (U.S.) deposit, for total cost of $10-million (U.S.). The purchase price has been revised down to $5-million (U.S.), with just $800,000 (U.S.) in cash, a $200,000 (U.S.) deposit and 3.94 million Planet 13 shares ($4-million (U.S.) worth).

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