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Cannabis Summary for Jan. 13, 2020

2020-01-13 20:12 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index rose 7.56 points to 414.26 Monday. Westleaf Inc.'s (WL: $0.18) president and co-founder, Scott Hurd, has resigned, effective Jan. 24. The resignation comes just three weeks after the company closed its merger agreement with premium marijuana producer We Grow B.C. Ltd., a transaction that the company credits Mr. Hurd as being a "driving force" behind. The company also eliminated nine, or 30 per cent, of its 30 employees (more below).

Mr. Hurd has led the organization since August, 2017. Through a reverse takeover, Westleaf started trading on the TSX Venture Exchange on Jan. 9, 2019. Since listing its shares, things have not gone according to plan. In the first nine months of 2019, the company lost $18.2-million on revenue of just $2.6-million. At the end of those nine months, Westleaf had negative working capital of $5-million. The poor results and tenuous financial position have hardly been a boon to shareholders -- the stock has lost about 90 per cent of its value from the $1.75 that it listed at.

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