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Cannabis Summary for Aug. 7, 2020

2020-08-07 19:46 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index slipped 3.00 points to 135.04 Friday, losing 8.24 points on the shortened week. The Canadian Securities Exchange Composite Index gained 2.78 points to 488.01 Friday, ending the week up 11.46 points. In company news, Canadian retailer High Tide Inc. (HITI) gained 1.5 cents to 16 cents on 693,800 shares after announcing that it would open a Canna Cabana dispensary in Banff, Alta., on Aug. 12. High Tide president and chief executive officer Raj Grover said the location will allow the retailer "to serve the four million tourists who visit Banff year-round." The market would indeed be almost entirely reliant on tourism. Banff gets four million visitors per year but only has a population of about 8,000. As has been the case with tourism-reliant Las Vegas, the Banff market will be seeing reduced tourism throughout the duration of the COVID-19 pandemic.

In any case, it will be High Tide's 28th dispensary in Alberta and 37th in total in Canada. The Alberta opening comes at a time when many cannabis retailers are focusing on opening stores anywhere but Alberta. High Tide mostly does seem to be trying to expand elsewhere. It has opened four stores in Ontario since the start of May.

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