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Cannabis Summary for May 25, 2020

2020-05-25 19:57 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 9.98 points to 180.35 Monday, while the Canadian Securities Exchange Composite Index gained 9.13 points to 388.64. In Canada, Village Farms International Inc. (VFF) continued its seven-day surge, gaining $1.01 to $8.25 on 2.74 million shares. The stock has nearly doubled, from $4.15 to $8.25, over the last seven days despite not reporting any news (until today).

The news today was that Village Farms' 58.7-per-cent-owned marijuana joint venture, Pure Sunfarms, received cultivation and sales licences from Health Canada for its Delta 2 greenhouse in Delta, B.C. (Pure Sunfarms is already approved to grow and sell marijuana at its first greenhouse, known as Delta 3. Pure Sunfarms has converted each of Delta 2 and 3 from tomato greenhouses to marijuana greenhouses. Village Farms' experience growing tomatoes seems to have helped Pure Sunfarms; the JV had all-in costs of cultivation of 78 cents per gram in Q4, amongst the lowest in the industry.)

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