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Cannabis Summary for May 4, 2020

2020-05-04 19:50 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 3.03 points to 130.38 Monday, while the Canadian Securities Exchange Composite Index fell 1.09 points to 308.96. United States-based Halo Labs Inc. (HALO) remained unchanged at 12 cents on 4.04 million shares after providing some recent sales figures. Halo Labs, which operates on the West Coast of the U.S., had sales of $1.2-million in Oregon in April, down from $1.5-million in March (its highest month in Oregon ever). April sales may have been somewhat lower as a result of people stocking up in March. As has been widely reported, there was a surge in demand for cannabis products as the COVID-19 outbreak was gaining steam in early- to mid-March.

In California, the company had sales of Halo-branded products of $342,000 in April. Halo did not release its monthly sales numbers for earlier months (monthly updates are not as appealing when growth is weak). It says it had $375,000 in Halo-branded product sales in the first three months of 2020 overall, or $125,000 per month, prompting COO Andreas Met to suggest that "California may be poised to really take off in the coming months."

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