11:02:18 EDT Tue 22 Sep 2020
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Cannabis Summary for Aug. 4, 2020

2020-08-04 19:27 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 6.49 points to 149.77 Tuesday, while the Canadian Securities Exchange Composite Index rose 14.89 points to 491.44. Despite no news, Florida-based Trulieve Cannabis Corp. (TRUL) rose $2.70 to $24.35, a new all-time high. The stock, which has had many ups and downs, has more than recovered from its COVID-19 low of $8.10. While many United States-based cannabis producers are now at or near 52-week highs, Trulieve is the first of the bunch to hit a new all-time high.

Here in Canada, where cannabis companies tend to be nowhere near past highs, Canopy Growth Corp. (WEED) gained $1.24 to $25.70 on 2.8 million shares after its 72-per-cent-owned BioSteel Sports Nutrition Inc. signed a marketing deal with superstar NFL quarterback Patrick Mahomes. BioSteel said its agreement with the NFL star was a multiyear deal, but did not specify how many years. The company also did not say how much it would be paying Mr. Mahomes. Whatever the amount, it will pale in comparison with the recent 10-year extension worth up to $503-million (U.S.) that he negotiated with the Kansas City Chiefs this offseason. Mr. Mahomes won the Super Bowl with the Chiefs in the 2020 season and was named Super Bowl MVP.

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