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Cannabis Summary for July 17, 2020

2020-07-17 20:24 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.2 points to 152.96 Friday, ending the week up 6.74 points. The Canadian Securities Exchange Composite Index, meanwhile, slipped 1.88 points to 431.04 today, finishing the week up 11.68 points. In company news, Chris Bunka's Lexaria Bioscience Corp. (LXX) gained two cents to 42 cents on 103,300 shares again today after rising six cents yesterday. The modest gains, which brought the stock out of 52-week-low territory, came on news that Lexaria completed phase 1 of its nicotine delivery technology research and development (R&D) program.

The program is researching Lexaria's DehydraTech technology. It is being conducted jointly with Altria Ventures Inc., a subsidiary of tobacco giant Altria Group Inc. and an investor in Lexaria subsidiary Lexaria Nicotine. Lexaria is researching to see if its oral nicotine technology reduces the health risks associated with traditional tobacco use (through smoking or chewing tobacco). Phase 1 of testing was more about safety than effectiveness. The tests concluded that the technology demonstrated "acceptable chemical and microbiological stability" and there were no adverse effects in a seven-day test with rats.

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