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Cannabis Summary for May 22, 2020

2020-05-22 19:39 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 6.98 points to 170.38 Friday, ending the week up 35.88 points. The Canadian Securities Exchange Composite Index gained 10.6 points to 379.51, good for a gain of 21.38 points on the week. Today, a number of cannabis producers were up despite not releasing any news. Village Farms International Inc. (VFF) was up $1.28 to $7.24. The company's shares rose from $4.45 to $7.24 this week after falling on Friday on the heels of its Q1 2020 results. Village Farms got a good bit of PR this week when it came out that New York-based hedge fund Renaissance Technologies LLC had purchased 1 per cent of Village Farms' outstanding shares. (Renaissance, which manages $110-billion (U.S.) of assets, is best known for the Medallion Fund. Regarded as one of the mot secretive hedge funds in the world, since 1988 the fund has generated average annual returns of 66 per cent.)

South of the border, it was a good day for two of the top Canadian Securities Exchange-listed CBD companies. Charlotte's Web Holdings Inc. (CWEB) gained $1.75 to $9.17 today, while Abacus Health Products Inc. (ABCS) gained $1.62 to $7.07. Charlotte's Web signed a deal to acquire Abacus Health for $99-million in March. The deal has not yet closed. Neither company had news that would explain the gains.

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