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Cannabis Summary for June 29, 2020

2020-06-29 20:00 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 3.31 points to 145.37 Monday, while the Canadian Securities Exchange Composite Index inched up 1.08 points to 377.99.

United States-based Green Thumb Industries Inc. (GTII) lost 42 cents to $13.28 on 339,200 shares after its CEO, Benjamin Kovler, shuffled his holdings. Mr. Kovler has subordinate shares, multiple voting shares and supervoting shares. Today's reshuffling provided a reminder to shareholders that the Green Thumb CEO has firm control over all matters that require a shareholder vote.

Mr. Kovler had 9.34 million Green Thumb subordinate shares and 61,893 Green Thumb supervoting shares distributed to him through his holding companies. The 9.34 million shares, which today would be worth a princely $124-million, were converted from already outstanding multiple voting and supervoting shares that Mr. Kovler held.

After the conversions, Mr. Kovler, through his holding companies, holds 238,059 supervoting shares, or 61.3 per cent of Green Thumb's outstanding supervoting shares. He also holds 49,448 multiple voting shares, representing 39 per cent of those shares. (Each supervoting share carries a large 1,000 votes a share, while each multiple voting share carries 100 votes a share.)

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