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Cannabis Summary for Aug. 31, 2020

2020-08-31 20:13 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index slipped 0.58 point to 131.83 Monday, while the Canadian Securities Exchange Composite Index lost 4.9 points to 490.48. Pharmacielo Ltd. (PCLO) fell seven cents to 61 cents on 666,000 shares after releasing its second quarter results for 2020. Pharmacielo saw its revenue grow to $1.2-million in Q2 2020 from $514,000 in Q1 2020. (Q4 2019 was the first period in which Pharmacielo recorded any revenue, so the company is in the earlier stages of its business compared with well-known competitors. The company grows and processes its cannabis products in Colombia, but its aspirations are to sell elsewhere internationally: Pharmacielo has deals to sell product in the United States, Germany and Switzerland.)

While the cannabis producer saw its revenue continue to rise, its net loss did the same, rising to $7.7-million in Q2 compared with $6.3-million in Q1. Shareholders may have been disappointed to see Pharmacielo's loss widen in Q2, but chief executive officer David Attard expects "meaningful revenue growth" in the second half of 2020. Mr. Attard expects the growth to result in Pharmacielo being cash-flow positive exiting 2020. (It is not clear from his comments whether the CEO expects Q4 to be cash-flow positive, or just for the business to be cash-flow positive by the final week of Q4.)

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