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Cannabis Summary for May 1, 2020

2020-05-01 19:52 ET - Market Summary

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by Stockwatch Business Reporter

Amidst a broader market decline, the S&P/TSX Cannabis Index dropped 4.05 points to 127.35 Friday. It declined five points this week. The Canadian Securities Exchange Composite Index, meanwhile, dropped 10.32 points to 310.05 Friday, gaining 3.83 points this week. Though the S&P/TSX Cannabis Index was down on the week, the good news was that Ontario quietly licensed another seven cannabis stores this week after licensing six last week. When those stores will be able to open to the public is, of course, another matter amidst the COVID-19 shutdown.

In company news, Canopy Growth Corp.'s (WEED: $21.43) largest shareholder, beer and wine maker Constellation Brands Inc., exercised warrants to purchase 18.87 million Canopy shares at $12.97 today. The warrants were set to expire after trading today. Because the announcement came after the market closed, we have to look to the New York Stock Exchange to see the market's reaction (the NYSE has after-hours trading -- the Toronto Stock Exchange does not). In after-hours trading on the NYSE, Canopy rose from $15.26 (U.S.) to $17.12 (U.S.) at the time of writing (4:40 p.m. PT).

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