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Cannabis Summary for Aug. 5, 2020

2020-08-05 20:01 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index slipped 2.37 points to 147.40 Wednesday, while the Canadian Securities Exchange Composite Index declined 2.11 points to 489.33. Ken Villazor's Nevada-based Flower One Holdings Inc. (FONE) gained two cents to 47 cents on 394,900 shares after reporting preliminary sales for July of $3.2-million (U.S.), up from $1.9-million (U.S.) in June. While the increase in sales from June to July is nice, sales in July still fell short of Flower One's record monthly sales of $3.9-million (U.S.) in March.

After that record month, as a result of operating in the very tourism-reliant market of Nevada, Flower One's sales fell off a cliff in Q2 2020. The cannabis producer had total sales of $3.8-million (U.S.) in the second quarter, down from $8.8-million (U.S.) in the first quarter.

Flower One chief executive officer Ken Villazor called the past several months "challenging," and he said Nevada "continues to see the impact of COVID-19 on its economy." Las Vegas casinos reopened on June 4, so tourism has been creeping back to the state since then. Still, with COVID-19 cases remaining high across the United States, it will likely be some time before tourism is thriving again in Vegas.

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