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Cannabis Summary for Oct. 29, 2020

2020-10-29 20:02 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 2.89 points to 116.86, while the CSE Composite Index added 13.02 points to 506.19. Arizona-based MSO (multistate operator) Harvest Health & Recreation Inc. (HARV) added 20 cents to $2.03 on 978,200 shares, after closing a $46-million bought deal that included the full exercise of the overallotment option. Harvest's original plan last week was to raise just $30-million by issuing units at $2.26, with each unit comprising a share plus a half warrant sweetener. The financing was hiked within a day to $40-million and has now managed to land subscribers for another $6-million.

The issue price of $2.26 is well above the $1.50 that Harvest was trading at a mere three months ago. No doubt some of the excitement reflects the likelihood that Arizona, one of the five U.S. states with cannabis initiatives on the November ballot, will soon legalize recreational cannabis. It already allows medical cannabis and, according to BDS Analytics, has been the fastest-expanding state market for cannabis over the last 11 months.

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