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Cannabis Summary for Sept. 9, 2021

2021-09-09 19:59 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 151.21, while the CSE Composite Index lost 14.60 to 654.43. As the end of the week approaches, shareholders face some interesting decisions regarding U.S. MSO (multistate operator) Curaleaf Holdings Inc. (CURA), down 51 cents to $14.30 on 661,500 shares, and Canadian cannabis grower Tilray Inc. (TLRY), up one cent to $16.27 on 1.58 million shares. The former is holding a special meeting of shareholders this afternoon, and the latter is holding one tomorrow morning.

The special resolution at Curaleaf's meeting revolves largely around the continued voting control of its majority shareholder and executive chairman, Boris Jordan. He owns 93.9 million multiple voting shares (the whole of the class) and 59.2 million subordinate voting shares. The multiple voting shares are the real prize, as each of them represents 15 votes, giving Mr. Jordan 69.8 per cent of the voting rights at the company. His subordinate shares add another 2.9 per cent. Together, they give Mr. Jordan a nearly three-quarters control block.

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