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Cannabis Summary for Oct. 19, 2021

2021-10-19 20:15 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 11.25 to 137.94, while the CSE Composite Index added 19.58 to 608.64. Canadian cannabis grower Tilray Inc. (TLRY) added $1.96 to $14.44 on 4.58 million shares, after adding another member to its army of senior executives. It has hired Blair MacNeil as president of Tilray Canada. Mr. MacNeil succeeds Jim Meiers, whom Tilray has promoted to chief operations officer.

Tilray hailed Mr. MacNeil as a "tenured consumer packaged goods executive" with "extensive experience growing consumer-loved brands." His background covers a range of products, from soda (at Pepsi) to hardwood floors (at River's Bend Wood Products) to alcohol (at Corby Distilleries and Stoli). For the last five years, he has been at Bacardi, serving as general manager of its Canadian alcohol business. This period has been particularly fraught for the Canadian spirits industry, buffeted by rising excise duties, the effects of cannabis legalization, and recent pandemic-related disruptions at bars and restaurants. Fitch Ratings recently commended Bacardi for navigating the challenges and posting a 7-per-cent net sales increase in North America in fiscal 2021 (ended March 31).

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