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Cannabis Summary for June 11, 2020

2020-06-11 20:18 ET - Market Summary

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by Stockwatch Business Reporter

Amidst a broader market decline, the S&P/TSX Cannabis Index dropped 18.27 points to 152.64, while the Canadian Securities Exchange Composite Index fell 22.05 points to 361.46. WeedMD Inc. (WMD) dropped nine cents to 52 cents on 1.1 million shares after releasing its fourth quarter and full-year results for 2019.

Even without the downward pressure from the broader market, WeedMD's fourth quarter results did not give shareholders much to be inspired by. The company had net revenue of just $2.9-million in Q4 2019, down considerably from $6.7-million in Q3 2019. The Q3 revenue should not have been such a high bar to clear, as even that was down from $7.9-million in Q2.

WeedMD lost $10.3-million in Q4, compared with a loss of $13.4-million in Q3. Perhaps more tellingly, the company burnt through cash from operations of $6.4-million in Q4 after going through just $175,000 in Q3. At 2019 year-end, WeedMD had working capital of $30.6-million and cash of $8.1-million. WeedMD's cash has since been replenished, though, through a $25-million investment from The Labourers' Pension Fund of Central and Eastern Canada in February.

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