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Cannabis Summary for July 9, 2020

2020-07-09 19:37 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 2.1 points to 140.57 Thursday, while the Canadian Securities Exchange Composite Index gained 5.13 points to 394.29. The Globe and Mail reported today that cannabis companies are seeing a spike in insurance premiums to protect top executives from personal liability. According to a Reuters dispatch to The Globe, Medmen Enterprises Inc. (MMEN: $0.255), Canopy Growth Corp. (WEED: $21.88), Canntrust Holdings Inc. (TRST: $0.91), Aphria Inc. (APHA: $5.68) and Columbia Care Inc. (CCHW: $3.51) have each faced shareholder litigation. The accusations have ranged from the executives making false claims, failing to act in the interest of shareholders and attempts to defraud investors.

For cannabis companies trying to cut costs, as most of them are, the rising costs come at a bad time. The Globe and Mail reports that the industry had already been paying rates and deductibles much higher than those paid by non-cannabis companies.

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