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Cannabis Summary for June 17, 2020

2020-06-17 18:08 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index fell 4.27 points to 153.47 Wednesday, while the Canadian Securities Exchange Composite Index inched up 0.08 point to 374.29. United States-based Vireo Health International Inc. (VREO: $0.74) released its first quarter results for 2020 yesterday. The company reported revenue of $12.1-million (U.S.) in Q1 2020, up from $9-million (U.S.) in Q4 2019, which Vireo founder and chief executive officer Dr. Kyle Kingsley called "the strongest quarter of growth in Vireo's history." The company generated revenue through seven states in Q1: Arizona, Maryland, Minnesota, New Mexico, New York, Ohio and Pennsylvania. Vireo's gross margin also inched up to 28 per cent in Q1, better than 18 per cent in the quarter before. Vireo's margins are still relatively low partly because a high portion (about 30 per cent) of its sales is from wholesale rather than retail. The company also said that greater competition in some of its markets is putting pressure on its margins.

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