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Cannabis Summary for July 8, 2020

2020-07-08 19:59 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.75 points to 142.67 Wednesday, while the Canadian Securities Exchange Composite Index inched up 0.3 point to 389.16. Michael Jennings's California-focused Next Green Wave Holdings Inc. (NGW) gained half a cent to 14.5 cents on 843,800 shares after announcing that it exceeded $3-million (U.S.) of revenue in Q2 2020, which is up from $1.1-million (U.S.) in Q1 2020. Green Wave rose to a high of 19 cents this morning, but settled in for a modest half-cent gain to 14.5 cents. When the company released its Q1 2020 results, on June 4, it announced that it had eclipsed $1-million (U.S.) in sales for both April and May, so the leap to over $3-million (U.S.) could not have been a surprise.

While 2020 has brought its share of challenges for most companies, Next Green Wave has enjoyed a spike in revenue since the end of last year. Before the $1.1-million (U.S.) that the company recorded in Q1 2020, Next Green Wave had revenue of just $144,000 (U.S.) in Q4 2019.

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