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Cannabis Summary for Oct. 16, 2020

2020-10-16 20:04 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.35 points to 117.00, while the CSE Composite Index added 1.11 points to 505.02. Tomorrow marks two years exactly since the Cannabis Act was passed and officially legalized cannabis in Canada. Today, many eyes were trained south of the border, where U.S. Democratic presidential hopeful Joe Biden declared during a prime-time event last night, "We should decriminalize marijuana." His running mate, Senator Kamala Harris, made similar comments during the vice-presidential debate last week. Together they have sent many stocks with U.S. footholds sprinting upward. Today's gainers included Green Thumb Industries Inc. (GTII), up 43 cents to $20.88, Charlotte's Web Holdings Inc. (CWEB), up 40 cents to $4.22, and Planet 13 Holdings Inc. (PLTH), up 20 cents to $5.10.

Here in Canada, the sector continued to digest the financials released yesterday by Aphria Inc. (APHA), down 23 cents to $6.13. Two days ago Aphria opened above $8. One of its competitors, which made headlines last month with its own regrettable financials -- and is surely glad that someone else is in this uncomfortable spotlight -- seized the moment to try to stir up some hype. That would be Aurora Cannabis Inc. (ACB). Its stock, which today lost 37 cents to $5.32, has plunged from nearly $13 since the start of September, a month in which Aurora announced the largest quarterly loss ever seen in the sector. The company appointed Miguel Martin as chief executive officer on Sept. 8. Today, Mr. Martin appeared on BNN to lay out his plans for the future.

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