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Cannabis Summary for July 3, 2020

2020-07-03 19:41 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.28 points to 142.30 Friday, ending the week up 0.24 point. The Canadian Securities Exchange Composite Index, meanwhile, rose 5.84 points to 390.82 today, ending the week up 13 points. Greg Engel's Organigram Holdings Inc. (OGI) lost 16 cents to $2.03 on 3.04 million shares after announcing a reduction to its work force. On April 6, the company had announced temporary layoffs of about 400 employees, or 45 per cent of its work force, in response to COVID-19. Today's announcement mostly affects those employees, as Organigram has laid off 220 employees, or 25 per cent of its work force, for good. The company said the layoffs would only affect "a small number" who were not already temporarily laid off.

Organigram now has 433 employees working at its Moncton, N.B., growing operation. The company has 609 employees in total, but that includes 84 employees who are still "temporarily" laid off. These employees may be recalled if and when they are needed.

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