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Cannabis Summary for Sept. 9, 2020

2020-09-09 19:36 ET - Market Summary

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by Stockwatch Business Reporter

Amidst a positive day for the broader market, the S&P/TSX Cannabis Index gained 1.68 points to 122.68 Wednesday, while the Canadian Securities Exchange Composite Index gained 3.6 points to 445.46. United States-based Columbia Care Inc. (CCHW) slipped 10 cents to $4.90 on 96,600 shares after signing a deal to acquire a California-based cannabis company, Project Cannabis, for $57-million (U.S.). The agreement has Columbia Care paying for most of the deal in stock and the remaining $12-million (U.S.) in cash from the proceeds of a concurrent sale of Project Cannabis's real estate assets. The deal is expected to close in the fourth quarter.

Project Cannabis has a 32,000-square-foot cultivation facility (a little over half the size of a football field) and three recreational cannabis dispensaries located in what Columbia Care says are in "prime locations," with one in North Hollywood, one in downtown Los Angeles and the other in Studio City. Project Cannabis also has a dispensary in San Francisco, which also has a "consumption lounge," presumably meaning a place to smoke weed and sit on couches.

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