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Cannabis Summary for April 29, 2020

2020-04-29 20:21 ET - Market Summary

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by Stockwatch Business Reporter

Amid a broader market increase, the S&P/TSX Cannabis Index gained 1.37 points to 137.21 Wednesday, while the Canadian Securities Exchange Composite Index gained 7.09 points to 320.23. In company news, United States-based Abacus Health Products Inc. (ABCS) gained 27 cents to $4.75 on 67,300 shares after releasing its fourth quarter and full-year results for 2019. Before getting to its results, Abacus highlighted its March 23 agreement to be acquired by fellow CBD producer Charlotte's Web Holdings Inc. (CWEB: $6.57) in a deal that valued Abacus at about $99-million.

Charlotte's Web's main product is CBD gummies, while Abacus tends to sell more typical products, such as CBD oil, ointments and sprays. Under the deal, Abacus shareholders would receive 0.85 of a Charlotte's Web share for each Abacus share held. Abacus says it expects the deal to close in Q2 but, given the long regulatory processes for other cannabis-related acquisitions in the U.S., investors will not be holding their breath.

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