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Cannabis Summary for June 26, 2020

2020-06-26 19:38 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index fell 5.72 points to 142.06 Friday, ending the week down 11.07 points. The Canadian Securities Exchange Composite Index, which provides a good proxy for American cannabis stocks, fell 1.99 points to 376.91 and was down just 2.6 points on the week. In company news, Florida-based cannabis producer Liberty Health Sciences Inc. (LHS) lost a cent to 53 cents on 1.39 million shares after releasing its fiscal Q4 2019 and full-year results. The company's revenue rose modestly to $17.7-million in fiscal Q4 from $16.1-million in fiscal Q3. That eases off the revenue growth that Liberty Health had put up from fiscal Q1 to Q3 a bit, but the company made considerable progress overall in fiscal 2019. Liberty Health went from revenue of $5.5-million in Q1 to $10.6-million in Q2 to $16.1-million in Q3 to the aforementioned $17.7-million in Q4.

Management quickly lined up to remind shareholders of the importance of the moment. The company's chief executive officer, Victor Mancebo, provided the obligatory quote, saying the year was "the highest net revenue increase in the company's history." This, of course, is expected in a rapidly growing industry.

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