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Cannabis Summary for April 20, 2020

2020-04-20 19:35 ET - Market Summary

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by Stockwatch Business Reporter

Despite a decline in the broader market, cannabis stocks rose modestly, giving marijuana investors something to cheer about on 4/20. The S&P/TSX Cannabis Index gained 1.27 points to 129.27 Monday, while the Canadian Securities Exchange Composite Index gained 8.13 points to 289.48.

Jesse McConnell's Rubicon Organics Inc. (ROMJ) gained 20 cents to $2.20 on 17,100 shares after launching its Simply Bare Organic brand in Ontario. Simply Bare, a line of organic marijuana, will be available "in the coming weeks" in Ontario stores and on-line after the company signed a supply agreement with the Ontario Cannabis Store. The brand is currently sold in British Columbia and Saskatchewan. Simply Bare's branding sums up the image that Rubicon is trying to build for itself: it is premium, organic marijuana that comes in recyclable glass jars. (Unsurprisingly, it is also expensive. Simply Bare marijuana sells for $42.99 for 3.5 grams, $12.28 a gram, on the B.C. cannabis website.)

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