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Cannabis Summary for June 8, 2020

2020-06-08 19:49 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index rose 19.6 points to 177.51 Monday, while the Canadian Securities Exchange Composite Index gained 5.78 points to 386.39. The biggest news of the day came after the market closed. United States-based Vireo Health International Inc. (VREO: $0.91) revealed that it had cut ties with executive chairman Bruce Linton, the former co-founder and CEO of Canopy Growth Corp. (WEED: $23.94).

The company said that the parting was "without cause," without elaborating further. Mr. Linton had only been with Vireo Health since Nov. 7, 2019. At that time, the company said he would be "actively involved" in Vireo's operations.

With Mr. Linton being the big name that he is in cannabis, bringing him on board required more than a small incentive. He received warrants to acquire up to 15 million Vireo shares. In connection with his firing, the warrants will now expire on June 8, 2021, much earlier than the original expiration of Nov. 7, 2024. The first tranche of 10 million warrants are exercisable at $1.02 (U.S.). The second tranche of 2.5 million warrants are exercisable at $3.81 (U.S.), while the final tranche of 2.5 million warrants are exercisable at $5.86 (U.S.). (Vireo closed at 68 U.S. cents today.)

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