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Cannabis Summary for July 22, 2020

2020-07-22 19:50 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index slipped 3.3 points to 147.49 Wednesday, while the Canadian Securities Exchange Composite Index gained 4.19 points to 442.8. In company news, Payton Nyquvest's Vancouver-based Numinus Wellness Inc. (NUMI) slipped a cent to 27 cents on 1.06 million shares after arranging a best-efforts offering to raise up to $4.05-million. The offering will be for up to 15 million units at 27 cents. It is being led by Mackie Research Capital Corp., which is Numinus chief executive officer Payton Nyquvest's former employer. (Payton Nyquvest is the son of Universal Ibogaine Inc. chairman Shayne Nyquvest.) With Numinus having 95 million shares outstanding, the offering would dilute current shareholders by about 16 per cent.

The financing (or at least Numinus's need for money) is no surprise given that the company had just $16,000 of cash as of April 30. It just did not come at a good time, as Numinus is at all-time lows. The stock only started trading on the Canadian Securities Exchange two months ago. It had an explosive debut, opening at $1 -- much higher than the company raised money at before going public -- and traded up to a first-day high of $1.55 before settling in at $1.03, trading 16.87 million shares. After that, investor interest quickly soured, with the stock dropping to 27 cents.

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