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Cannabis Summary for May 8, 2020

2020-05-08 20:10 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 3.92 points to 124.09 Friday, ending the week down 3.26 points. The Canadian Securities Exchange Composite Index gained 3.97 points to 315.31, finishing the week up 4.18 points. In company news, Cronos Group Inc. (CRON) dropped 36 cents to $7.52 on 1.66 million shares after announcing its results for the first quarter of 2020. The company had net revenue of $8.4-million in the first quarter of 2020, up from $7.3-million in Q4 2019. Cronos had an operating loss of $45.1-million in Q1, a little better than its $63.9-million operating loss from the quarter before.

Most Cronos shareholders are not necessarily expecting strong revenue growth in the short term. Bringing in money is not as big of a concern as it is for some of the company's cash-starved peers, as Cronos has a plethora of cash thanks to a $2.4-billion investment from tobacco giant Altria Group Inc. The investment from Altria presumably gives Cronos access to intellectual property that Altria has from its $12.8-billion (U.S.) investment in Juul, the dominant nicotine e-cigarette maker.

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