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Cannabis Summary for Sept. 16, 2020

2020-09-16 20:02 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index edged up a fraction to 123.21, while the CSE Composite Index added 7.05 points to 454.31. A trio of related cannabis companies saw a legal dispute spill into the headlines. The largest of the three is Canopy Growth Corp. (WEED), unchanged at $21.70 on 1.89 million shares. It has investments in the other two, being Canopy Rivers Inc. (RIV), down four cents to 82 cents on 384,600 shares, and Terrascend Corp. (TER), up two cents to $6.02 on 268,600 shares.

It was Canopy Rivers that announced on Monday that all three companies were targeted in a new lawsuit, filed by a numbered Ontario company that happens to be Canopy Rivers' joint venture partner in PharmHouse Inc. Canopy Rivers owns 49 per cent of PharmHouse and the numbered company owns 51 per cent. The allegations against the trio, according to Canopy Rivers, include "bad faith, fraud, civic conspiracy, breach of duty in honesty and good faith in contractual relations, and breach of fiduciary duty." Canopy Rivers maintained that the claims against it were "completely without merit" and that it would vigorously defend its position.

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