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Cannabis Summary for July 23, 2020

2020-07-23 19:58 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index fell 3.61 points to 143.88 Thursday, while the Canadian Securities Exchange Composite Index gained 4.25 points to 447.05. Trevor Fencott's Canadian retailer Fire & Flower Holdings Corp. (FAF) gained nine cents to 95 cents on 1.22 million shares after receiving approval in principle (AIP) to open two stores in Vancouver, B.C. The stores are each going to be located on Granville Street, south of downtown and just a four-minute walk from each other.

The market was pleased with the news, but Fire & Flower will still have to receive final approval before opening the dispensaries. Fire & Flower chief executive officer Trevor Fencott took the opportunity to praise the bureaucrats, calling the issuance of licences a "key step in the eradication of the illicit cannabis market." Obviously, Mr. Fencott has good business reasons to advocate for more licences; the growth of his company depends on its ability to open more stores. Still, most will agree that easy access to legal marijuana will help to take market share from the black market.

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