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Cannabis Summary for June 9, 2020

2020-06-09 19:24 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 4.3 points to 173.21 Tuesday, while the Canadian Securities Exchange Composite Index fell 4.6 points to 381.79. Norton Singhavon's GTEC Holdings Ltd. (GTEC) lost half a cent to 18 cents on 291,200 shares after closing a $3.95-million debt financing. The financing directly replaces GTEC's previously announced (March 17) $4.5-million debt financing from Trichome Financial, which has been terminated. The companies apparently agreed to "mutually terminate" the financing, but the timing is surprising. Trichome would have received 9.5-per-cent annual interest on the debt, and the lender was also supposed to be issued about $700,000 worth of GTEC shares at nine cents. The stock has since doubled.

In any case, today's debt was provided by NFS Leasing Canada Ltd. It has a three-year term but GTEC will only start repaying the debt in the second year. GTEC says the total cost of borrowing will be about 13-per-cent annually, but the company will also issue $395,000 worth of GTEC shares to NFS.

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