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Cannabis Summary for June 15, 2020

2020-06-15 20:22 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 0.49 point to 156.89 Monday, while the Canadian Securities Exchange Composite Index gained 5.17 points to 373.40. In Canada, thinly traded Geyser Brands Inc. (GYSR) rose 11 cents to 22 cents on 26,300 shares after its subsidiary Apothecary Botanicals received a cannabis sales licence from Health Canada. The licence will allow Apothecary to sell topicals, edibles and beverages to medical patients and provincial distributors. (While the gain looks significant on paper, shareholders looking for a selling opportunity will have to wait. The highest remaining bid after the close was a 1,000-share order at 12 cents. After the stock doubled today, Geyser's market cap is up to $6.7-million.)

Geyser intends to initially focus on topical products, such as gels and creams. The first product in that category will be a CBD/THC gel intended to help with pain relief. Geyser indeed targets the medical side of cannabis, with a stated focus on insomnia, anxiety and pain.

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