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Cannabis Summary for Nov. 22, 2021

2021-11-22 20:08 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 4.08 to 118.81, while the CSE Composite Index lost 16.88 to 570.42. Canadians bought $354.6-million worth of cannabis in September, according to the latest monthly data from Statistics Canada. This is up 0.2 per cent from $353.9-million in August (or 3.5 per cent once adjusting for August's extra day). Though flat on a month-over-month basis, cannabis sales did better than most other categories, with Statistics Canada noting that overall Canadian retail sales dropped by 0.6 per cent in September.

Within the sector, investors kept their eye on Canopy Growth Corp. (WEED), down 58 cents to $14.83 on 3.38 million shares. The Canadian cannabis giant caused a stir on Friday by announcing the departure of two of its most senior executives. Mike Lee, executive vice-president and chief financial officer, and Rade Kovacevic, president and chief product officer, are stepping down at the end of next month.

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