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Cannabis Summary for July 24, 2020

2020-07-24 19:31 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index dropped 1.14 points to 142.74 Friday, closing the week down 10.22 points. The Canadian Securities Exchange Composite Index gained 0.62 point to 447.67, ending the week up 15.69 points as American cannabis stocks continued to outperform their Canadian peers.

Here in Canada, Aleafia Health Inc. (AH) rose eight cents to 65 cents on 3.1 million shares after announcing it had been approved to administer the anti depressant Spravato at three of Aleafia's Canabo clinics. Aleafia also says it plans to offer Spravato, also known as esketamine, at its other clinics and "education centres" around Canada.

The Spravato drug was developed by Janssen Pharmaceuticals Inc., a subsidiary of the giant American company Johnson & Johnson Inc. The drug has nothing to do with cannabis. It is a low-dose ketamine nasal spray, which has received FDA approval and, as of two days ago, Health Canada approval for treatment-resistant depression.

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