BEFORE THE BELL: B.C. Pot Producer Market Value Flying High
After reaching new highs this week, shares in cannabis producers Canopy Growth, Aurora Cannabis and Aphria fell between two and almost seven-percent yesterday. That fall, coupled with the financial sector, weighed down Bay Street with the TSX losing 88 points to finish at 16,355.
But one company that is riding the wave is B.C. based pot producer Tilray. Despite reporting $12-million in losses and only $10-million in sales, the market value of the company is almost $5-billion dollars and the stock is up 19-percent in pre-market trade.
On Wall Street the S&P and the Nasdaq both closed at record highs after news of a U.S. trade deal with Mexico buoyed investors. Today all eyes will be on the tech sector.
This morning oil is up $0.37 cents to $68.90 a barrel. Gold is down $4.80 dollars to $1,209 an ounce and the loonie gave back a little bit after a two month high yesterday it’s down a tenth of a cent to $0.7727 cents U.S.