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Cannabis Summary for July 6, 2020

2020-07-06 19:00 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 3.32 points to 145.62 Monday, while the Canadian Securities Exchange Composite Index gained 0.33 point to 391.15. United States-based AYR Strategies Inc. (AYR) gained 75 cents to $10.65 on 71,800 shares after offering a preview of its Q2 2020 results. The market was apparently pleased with the preview despite the fact that AYR reported a decrease in revenue. The company says it had about $28.4-million (U.S.) in Q2 2020 revenue, down from $33.6-million (U.S.) in Q1 2020.

With AYR's operations being in Massachusetts and Nevada, AYR would have been one of the more COVID-19-restricted cannabis companies. Massachusetts halted sales of recreational cannabis, while Nevada ordered all dispensaries to close their doors and only make sales through delivery for the first few months of the pandemic. Indeed, AYR chief executive officer Jon Sandelman says the company's revenues fell "essentially to zero" at the start of April because of the restrictions.

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