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Cannabis Summary for Aug. 6, 2020

2020-08-06 19:29 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index fell 9.36 points to 138.04 Thursday, while the Canadian Securities Exchange Composite Index lost 4.1 points to 485.23. Despite a down day in the industry, Trulieve Cannabis Corp. (TRUL) continued its recent surge, gaining $1.70 to $26.28 on 595,400 shares as it opened its 54th dispensary in Florida. Despite the presence of COVID-19, it is the eighth dispensary that Trulieve has opened since the start of May. All eight recently opened dispensaries are in Florida, and 54 of Trulieve's 56 dispensaries in the United States are in the Sunshine State.

Elsewhere in the U.S., Jason Wild's Terrascend Corp. (TER) gained 45 cents to $5.00 on 439,600 shares after releasing a few preliminary result figures for Q2 2020. Terrascend had net revenue of $47.2-million in Q2, up from $34.8-million in Q1. (Although Terrascend mostly does business in the U.S., it still reports its results in Canadian dollars.) The company continues to generate strong revenue growth on the heels of its decision to focus on the U.S. and turn away from the Canadian market. Terrascend announced that decision in November, 2019.

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