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Cannabis Summary for July 7, 2020

2020-07-07 19:26 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.2 points to 144.42 Tuesday, while the Canadian Securities Exchange Composite Index fell 2.29 points to 388.86. Florida-based Cansortium Inc. (TIUM) slipped 1.5 cents to 30 cents on 232,000 shares after releasing its first quarter results for 2020. Cansortium saw a minor uptick in revenue, recording $10.1-million (U.S.) in Q1 2020 compared with revenue of $9.5-million (U.S.) in Q4 2019. Despite the presence of COVID-19, the company reiterated its full-year 2020 revenue guidance of $55-million (U.S.) to $60-million (U.S.). It is difficult to say how much weight investors put into Cansortium's guidance after last year. The company had originally forecast $40-million (U.S.) of revenue in 2019, but then lowered it to $30-million (U.S.) after its Q3 results made clear that the former was out of reach. The company still fell short of its revised goal, finishing the year with $28.5-million (U.S.) of revenue.

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