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Cannabis Summary for July 20, 2020

2020-07-20 19:45 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index dropped 1.73 points to 151.23 Monday, while the Canadian Securities Exchange Composite Index slipped 1.38 points to 429.66. While a few of the prominent U.S. cannabis companies recently reached 52-week highs, their Canadian counterparts continue to struggle. Canopy Growth Corp.'s (WEED) $23.97 closing price is more than 50 per cent off its 52-week high of $47.94, and Aurora Cannabis Inc.'s (ACB) closing price of $15.64 is a considerable distance from its 52-week high of $116.88 (adjusted for the company's 1:12 rollback). For Aurora and Canopy Growth, the focus of the last six months has been to aggressively cut costs.

Those efforts continued today, as Aurora revealed plans to shut down its offices in Italy, Spain and Portugal. It plans to shift much of its European operations to its Denmark offices, where the company already has a large greenhouse. (It also has operations in Germany.) Of Aurora's $78.4-million of net revenue in fiscal Q3, about $4-million was from the company's European operations.

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