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Cannabis Summary for April 21, 2020

2020-04-21 19:43 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.91 points to 127.36 Tuesday, while the Canadian Securities Exchange Composite Index lost 1.55 points to 287.93. In company news, Israel-based IM Cannabis Corp. (IMCC) gained 5.25 cents to 40 cents on 533,700 shares after releasing its 2019 results (yesterday after the market closed) and announcing yet another deal in which it will supply Israeli pharmacies with medical cannabis (today).

The Israel-based cannabis producer lost $7.4-million in 2019 but recorded a $1.6-million profit in the fourth quarter. The company has a strong balance sheet: As of year-end, IM Cannabis had $21.6-million in working capital, including $13.9-million in cash and cash-equivalents, and no debt. While IM Cannabis had revenue of $9-million in 2019, the company has created an expectation of sorts that the figure will rise significantly in the next few years, given all of the supply deals it has signed so far in April.

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