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Cannabis Summary for June 30, 2020

2020-06-30 19:28 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index dropped 2.72 points to 142.65 Tuesday, while the Canadian Securities Exchange Composite Index gained 5.12 points to 383.11. Yesterday after the market closed, 1933 Industries Inc. (TGIF) released its results for the fiscal third quarter of 2020, which ended April 30. 1933 Industries remained unchanged in trading today at 8.5 cents on 2.51 million shares. Though the stock did not move, the company reported yet another quarter of declining revenue. 1933 Industries had revenue of $2.6-million in fiscal Q3, down from $3.1-million in fiscal Q2 and $3.8-million in fiscal Q1. The company said the COVID-19 pandemic was a "major factor" for the lower revenue in Q3, both in Nevada and California. Of course, Nevada businesses have been hit particularly hard by the pandemic since they tend to be reliant on Las Vegas tourism.

1933 lost $4.7-million in fiscal Q3, a slight improvement over its $6.4-million loss in fiscal Q2 but still worse than its fiscal Q1 loss of $3.8-million. Those losses have eroded the company's once-stable balance sheet. 1933 Industries had raised $17.25-million through a financing in September, 2018, the month before Canadian legalization when cannabis stocks were soaring in value. That well-timed financing gave the company time.

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