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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index plunged 107.82 to 291.12, while the CSE Composite Index lost 55.41 to 975.53. Cannabis stocks crashed as the Reddit rally fizzled. Notable losers included Tilray Inc. (U.TLRY), down $31.75 (U.S.) to $32.16 (U.S.) on 211 million shares, along with its merger target, Aphria Inc. (APHA), down $12.01 to $21.36 on 30.1 million shares. As well, Medmen Enterprises Inc. (MMEN) lost $1.05 to 60 cents on 66.9 million shares, Organigram Holdings Inc. (OGI) lost $3.06 to $4.56 on 31.8 million shares and The Supreme Cannabis Company Inc. (FIRE) lost 9.5 cents to 40.5 cents on 146 million shares. Each of those three tripped the single-stock circuit breaker on the way down. Organigram managed to trip it twice.
There were still a few favourites among day traders. Little Spyder Cannabis Inc. (SPDR), for example, reached an intraday high of 39 cents before closing at 17.5 cents, up 7.5 cents, on 29.6 million shares. Two days ago it was worth 3.5 cents. Its only news in recent weeks had to do with a $200,000 loan that Spyder arranged in January and is using to repay a separate debt of $189,217. When Spyder is not borrowing from Peter to pay Paul, it sells cannabis, electronic cigarettes and vaping accessories out of five stores in Ontario and Calgary. It has negative operating cash flow and "going concern" red flags dotted about its quarterly financials.
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