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Cannabis Summary for July 15, 2020

2020-07-15 19:34 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 8.45 points to 155.63 Wednesday, while the Canadian Securities Exchange Composite Index gained 6.11 points to 437.36. Pradyum Sekar's CB2 Insights Inc. (CBII), a self-described health care services and technology company, remained unchanged at 11 cents on 160,000 shares after releasing its first quarter results for 2020. The company reported quarterly revenue of just $2.9-million in Q1 2020, down from $3.1-million in Q4 2019. For investors, it continues a decidedly downward trend. In the first three quarters of 2019, CB2's sales were increasing nicely. It went from $2.8-million in Q1 2019 to $3.2-million in Q2 2019 to its best quarter, $4.1-million, in Q3 2019. Nonetheless, CB2 chief executive officer Pradyum Sekar unsurprisingly remained upbeat, suggesting the company is "now positioned to realize accelerated growth over 2020 and 2021."

(Up until Q4 2019, CB2 Insights had been in the habit of providing quarter-over-quarter comparisons for its sales, EBITDA and net income figures. After the drop from Q3 to Q4 of $4.1-million to $3.1-million, CB2 dropped the quarter-over-quarter comparisons, leaving investors to dig through the official filings.)

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