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Cannabis Summary for June 27, 2022

2022-06-27 20:08 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added a fraction to 45.32, while the CSE Composite Index lost a fraction to 276.16. Canadian cannabis grower Canopy Growth Corp. (WEED) edged up one cent to $4.89 on 2.36 million shares. It has settled a trademark lawsuit with the maker of Cointreau orange liqueur, which sued Canopy last year over the name of one of its CBD sparkling beverage brands, Quatreau. Neither party disclosed settlement details.

Cointreau Corp., a unit of the French spirits company Remy Cointreau, took aim at Canopy in a lawsuit filed in a New York federal court in July, 2021. It accused Canopy of infringing and diluting its trademarks. According to the complaint, Cointreau and Quatreau are confusingly similar in pronunciation, could attract similar consumers, and would be for sale in similar marketplaces such as stores, bars and restaurants. The spirits company viewed this as evidence of Canopy's "intention to trade off the market dominance and fame of the Cointreau mark." It sought a permanent injunction and unspecified damages.

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