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Cannabis Summary for July 31, 2020

2020-07-31 21:28 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index dropped 3.69 points to 143.28 Friday, ending the week up 0.54 points. The Canadian Securities Exchange Composite Index, meanwhile, gained 2.44 points to 476.56 Friday, finishing the week up 27.97 points. It is yet another good week for the CSE Composite Index, which serves as a proxy for United States-based cannabis stocks. The index is now at its highest level since October, 2019.

In company news, Florida-based medical cannabis producer Liberty Health Sciences Inc. (LHS) lost 4.5 cents to 49.5 cents on 1.29 million shares after releasing its fiscal first quarter results for the period ended May 31. Liberty Health had Q1 2020 revenue of $18.4-million, up modestly from Q4 2019 revenue of $17.7-million. While the company had enjoyed strong growth for much of fiscal 2019, it is the second straight quarter that Liberty Health's sales have only increased slightly. (It went from sales of $16.1-million in fiscal Q3 to $17.7-million in Q4.)

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