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Cannabis Summary for June 16, 2020

2020-06-16 19:42 ET - Market Summary

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by Stockwatch Business Reporter

Amidst a broader market increase, cannabis stocks only inched up ever so slightly. The S&P/TSX Cannabis Index gained 0.85 point to 157.74 Tuesday, while the Canadian Securities Exchange Composite Index gained 0.81 point to 374.21. In company news, Aurora Cannabis Inc. (ACB) slipped 13 cents to $17.81 on 2.34 million shares after its co-founder, president and director, Steve Dobler, 55, announced he will retire, effective June 30. Mr. Dobler had been president and director since 2014.

Though he will only depart at the end of June, shareholders may wonder if he has been pessimistic for awhile now. In February and March, he sold over 15 million Aurora shares, reducing his position from 20 million to 4.75 million shares. (After Aurora's 1:12 share rollback, he holds 395,000 shares, worth $7-million today.)

Terry Booth, another co-founder, and CEO until earlier this year, also sold most of his position in Aurora. Mr. Booth reduced his holdings from over 15 million shares to about 1.9 million shares (adjusted for the rollback, he holds 182,000 shares today).

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