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Cannabis Summary for July 14, 2020

2020-07-14 19:37 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 0.55 point to 147.18 Monday, while the Canadian Securities Exchange Composite Index dropped 3.85 points to 431.25. A BNN Bloomberg report today confirmed rumours that two of the larger Canadian cannabis producers, Aphria Inc. (APHA: $6.36) and Aurora Cannabis Inc. (ACB: $16.08), recently held talks regarding a merger between the two companies. (Aurora has a market cap of $1.8-billion, while Aphria comes in just below at $1.7-billion.) Those discussions reportedly broke down late last week after the companies could not agree on board composition and executive compensation.

One of the possible complications at those talks would have been Aurora's quickly changing share price. At the end of May, Aurora's fiscal Q3 results pleasantly surprised the market and the company surged from $9.20 to $24.10 over the next week of trading. The company has since given up much of those gains, closing at $16.08 today.

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