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Cannabis Summary for Oct. 18, 2021

2021-10-18 20:13 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.26 to 126.69, while the CSE Composite Index lost 11.19 to 589.06. Another chief executive officer of a Canadian cannabis company has fallen. Hexo Corp. (HEXO), down six cents to $2.09 on 7.26 million shares, stated this morning that co-founder and CEO Sebastien St-Louis has resigned, effective immediately, as part of a "strategic reorganization."

Mr. St-Louis joins an expanding club of cannabis CEOs who, voluntarily or not, have made their way to the exits. Just three years have passed since Canada legalized cannabis -- an anniversary that the sector marked yesterday -- and almost none of Canada's original cannabis companies continue to employ their original founders. Departures include Bruce Linton from Canopy Growth Corp. (WEED: $16.37), Terry Booth from Aurora Cannabis Inc. (ACB: $8.58), and Vic Neufield, Alison Gordon and John Fowler from Aphria, 48North and Supreme Cannabis, respectively. (The last three companies are no longer public, having been sold by successor CEOs.)

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