12:56:25 EDT Sun 20 Jun 2021
Enter Symbol
or Name

Login ID:

Cannabis Summary for June 10, 2021

2021-06-10 19:57 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 8.77 to 221.26, while the CSE Composite Index added 4.88 to 790.14. Canada's largest cannabis market, Ontario, will enter the first stage of its post-COVID-19 reopening plan tomorrow. The province has been in lockdown since November. While cannabis retailers have been allowed to offer on-line shopping, curbside pickup and delivery services, tomorrow will mark the first day in months that they can open for in-person sales.

The industry is hoping for a rapid sales boost. "As people start returning to stores, you're going to see demand start to increase," predicted chief financial officer Carl Merton of Tilray Inc. (TLRY: $24.23) at an industry conference this week. He said the lack of face-to-face contact with "budtenders" has stunted sales by reducing impulse buys and driving customers toward lower-priced (and lower-margin) products. More than 100 cannabis stores that have opened in Ontario over the last eight months have never had a customer set foot inside, by Mr. Merton's estimate. He called that "a real headwind-type experience" for Tilray and the other licensed producers (LPs) that supply those stores. Fortunately, he sees the "tailwind" picking up soon. While there may be a bit of inventory shuffling at stores in the immediate wake of the reopening, Mr. Merton expects orders to rebound "in the month to six-week period after that."

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2021 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.