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Cannabis Summary for Jan. 19, 2023

2023-01-19 20:13 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.12 to 33.67, while the CSE Composite Index lost 3.60 to 198.73. Nicholas Vita's U.S. cannabis operator, Columbia Care Inc. (CCHW), lost seven cents to 98 cents on 1.42 million shares. It spent today talking up "a number of initiatives" devised through a "methodical and iterative review process" that should "enhance profitability ... in a hyperdynamic environment." Stripped of the buzzwords, the company is closing four money-losing dispensaries, consolidating some of its cultivation facilities and slashing one-quarter of its corporate head count.

The decision comes as Columbia Care grapples with negative cash flow and a high cash burn. Less than a year ago, on March 31, 2022, its cash position exceeded $168-million (U.S.) (largely thanks to a sizable debt financing in February). The company revealed today that it ended 2022 with cash of just $48-million (U.S.). Retreating into buzzwords, chief executive officer Mr. Vita underscored the need to "restructure," "rationalize" and ultimately "optimize" the business.

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