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Cannabis Summary for Aug. 3, 2022

2022-08-03 20:25 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added a fraction to 44.29, while the CSE Composite Index lost a fraction to 278.92. Cannabis investors kept a watchful eye on ancillary companies that are starting to release their latest quarterly financials. Two prominent ancillary names are grappling with steep sales declines, a sign of waning near-term confidence.

The first hit came last night, when the Nasdaq-listed Hydrofarm Holdings Group Inc. (U.HYFM) released preliminary second quarter financials. Hydrofarm sells hydroponics and special indoor gardening supplies in the United States and Canada. It caters extensively to cannabis growers, which is why cannabis investors consider its financials to be a useful temperature check for the industry. The temperature reading has not been pretty lately, nor has the stock chart. Today, the stock lost 42 U.S. cents to $2.85 (U.S.) on 4.17 million shares, down from a high of $95 (U.S.) in early 2021.

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