21:37:20 EDT Wed 30 Sep 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Cannabis Summary for Sept. 1, 2020

2020-09-01 19:32 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The S&P/TSX Cannabis Index slipped 2.6 points to 129.23 Tuesday, while the Canadian Securities Exchange Composite Index lost 10.89 points to 479.59. Larry Scheffler and Bob Groesbeck's Las Vegas-based retailer Planet 13 Holdings Inc. (PLTH) lost 14 cents to $4.40 on 330,100 shares after releasing its second quarter results for 2020. Planet 13 saw its revenue slip to $10.8-million (U.S.) in Q2 2020, down from $16.7-million (U.S.) in Q1 2020. The retailer's net loss rose to $4-million (U.S.) in Q2 from $1.3-million (U.S.) in Q1. Still, the company actually remained comfortably cash-flow positive despite what was clearly a challenging quarter. Planet 13 generated $2.7-million (U.S.) in cash flow from operations in Q2, better than the $2.4-million (U.S.) it generated in Q1.

Planet 13 co-chief executive officer Larry Scheffler pointed to the company's efforts to add new customers and preserve capital under the influence of COVID-19. The retailer preserved capital by slashing its sales and marketing spending from $1.4-million in Q1 to just $246,000 in Q2. Since the onset of the pandemic, Planet 13 has focused on expanding its delivery capacity.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.