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Cannabis Summary for May 7, 2020

2020-05-07 19:59 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index fell 1.22 points to 128.01 Thursday, while the Canadian Securities Exchange Composite Index gained 0.48 point to 311.34. CBD extractor Exmceuticals Inc. (EXM) surged 13 cents to 30 cents on 53,000 shares after signing a deal to buy 4,200 kilograms of CBD ingredients annually (with potential to increase to 9,400 kg later). Exmceuticals' business model is to buy CBD ingredients and then purify the CBD. It plans to sell the resulting CBD distillate or isolate to other businesses. (CBD isolate is CBD in its purest form. This means everything else in the cannabis plant -- THC and other cannabinoids such as CBN and CBG -- is removed except for CBD. CBD distillate, meanwhile, has little bits of different cannabinoids, vitamins, fatty acids and very small amounts of THC.)

The company intends to sell the purified CBD products to pharmaceuticals and the medical industry in general. If all goes well, the company will eventually switch to selling CBD isolates and distillates through retail, which would likely give Exmceuticals better margins.

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