13:37:05 EDT Tue 29 Sep 2020

Cannabis Summary for Sept. 14, 2020

2020-09-14 19:43 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 2.19 points to 122.72 Monday, while the Canadian Securities Exchange Composite Index slipped 3.42 points to 451.62. American CBD producer Charlotte's Web Holdings Inc. (CWEB) lost 20 cents to $3.76 on 752,400 shares after releasing its second quarter results for 2020. The company had revenue of $21.6-million (U.S.) in Q2, a very slight improvement on its revenue of $21.5-million (U.S.) in Q1. Charlotte's Web did 71.8 per cent of its sales through its website in Q2, up from 65.6 per cent in Q1, an increase surely helped along by the pandemic. Overall, though, Charlotte's Web chief executive officer Deanie Elsner said COVID-19 disruption to in-store traffic caused revenue to come in below expectations.

Charlotte's Web's sales have been nestled between $20-million (U.S.) and $25-million (U.S.) in each quarter since Q3 2018. The lack of growth is partly because the market has been flooded with CBD products and, as a result, the price of CBD has come down considerably in the United States over the last couple of years.

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