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Cannabis Summary for June 10, 2020

2020-06-10 19:53 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 2.3 points to 170.91 Wednesday, while the Canadian Securities Exchange Composite Index gained 1.72 points to 383.51. Namaste Technologies Inc. (N) gained 1.5 cents to 46.5 cents on 6.31 million shares after reporting its fiscal first quarter results for 2020. The company had net revenue of $5.3-million in Q1 2020, up from $3.9-million in Q4 2019. Namaste's Q1 2020 loss of $7.3-million was much better than its $29.6-million loss in the fourth quarter of 2019. That said, the Q4 loss included significant impairment charges and restructuring costs.

The restructuring costs apparently related to Namaste's "transition to a more strategic position within the value chain." In English, what this means is the company is shifting its business model to be more reliant on CannMart Inc., an on-line cannabis store that sells both Namaste and third party brands. The range of products offered on the site includes vaporizers, skin care products, infused oils, marijuana, prerolled joints and smoking accessories. Given the economy's shift to e-commerce amid COVID-19 quarantines, the timing for Namaste appears to have been very good.

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