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Cannabis Summary for June 12, 2020

2020-06-12 19:57 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 3.76 points to 156.4 Friday, while the Canadian Securities Exchange Composite Index gained 6.77 points to 368.23. Despite the volatile week, the S&P/TSX Cannabis Index finished the week down a modest 1.51 points. The CSE Composite Index finished the week down 13.47 points.

In company news, United States-based Tilt Holdings Inc. (TILT) dropped five cents to 58 cents on 854,500 shares after releasing its fourth quarter and full-year 2019 results. The company's revenue slipped to $33.4-million (U.S.) in Q4 2019, down from $46.1-million (U.S.) in Q3 2019. Tilt attributed much of the drop to the "vape crisis," which killed 68 people in the United States and peaked in September and October, with media coverage lasting throughout the fourth quarter. The Centers for Disease Control & Prevention warned against using marijuana vapes, especially those that contained vitamin E acetate. The so-called vape crisis has since died down, and the CDC has not issued an update since February. (The vape-related hospitalizations decreased, along with the attached publicity, and the CDC of course had COVID-19 to focus on.)

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