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Cannabis Summary for June 3, 2020

2020-06-03 19:42 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 1.99 points to 158.73 Wednesday, while the Canadian Securities Exchange Composite Index gained 4.63 points to 378.74. Yesterday's Cannabis Summary noted that the market had an indifferent response to Las Vegas-based Planet 13 Holdings Inc.'s (PLTH) first quarter results. The stock did not move yesterday, remaining at $1.70 on 563,000 shares. Today, though, Planet 13 rose 45 cents to $2.15 on 3.33 million shares. The stock reached a high in intraday trading of $2.52 before falling back to the $2.15 close for a gain of 26.5 per cent. There is no obvious explanation for Planet 13's delayed rise. Las Vegas casinos opened up this week, but their reopening has been public knowledge for some time.

Alberta-based Aurora Cannabis Inc. (ACB) lost 33 cents to $19.25 on 2.42 million shares after arranging to sell its investment in alcohol and cannabis retailer Alcanna Inc. (CLIQ: $3.23). Underwriters have agreed to purchase all 9.2 million shares of Alcanna held by Aurora. Aurora's position was equal to about 23 per cent of Alcanna's outstanding shares. The underwriters will pay $3 a share, which would give Aurora proceeds of $27.6-million from the sale.

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