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Cannabis Summary for July 28, 2020

2020-07-28 21:27 ET - Market Summary

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by Stockwatch Business Reporter

Despite an overall weaker market today, it was a good day for cannabis stocks. The S&P/TSX Cannabis Index gained 11.46 points to 159.60 Tuesday, while the Canadian Securities Exchange Composite Index gained 10.02 points to 471.30. Both United States-based and Canadian-based cannabis companies had a good day, but the Canadian companies led the way. Canopy Growth Corp. (WEED) had its best day in months, rising $3.35 to $26.03, while Aurora Cannabis Inc. (ACB) rose $1.45 to $15.60 and Cronos Group Inc. (CRON) rose 67 cents to $9.44.

In company news, California-based Orchid Ventures Inc. (ORCD) inched up a cent to seven cents on 1.48 million shares after announcing purchase orders of over $2-million for July. That is up from sales of over $800,000 for June, which, at that time the company said was more than its sales in the previous 12 months combined. The sudden growth is considerable for a company with a market cap of just $6.3-million.

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