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  • Writer's pictureLucas Friesen

Market Summary: January 9, 2024

The TSX closed down today by 103.93 points.


Tilray Brands Inc. dropped 9.3% to $2.83 per share after releasing its fiscal Q2 2024 financial results. The company lost $46.18-million (U.S.) on revenue of $193.77-million (U.S.) in the quarter. This compares with its loss of $61.63-million (U.S.) on revenue of $144.13-million (U.S.) in fiscal Q2 2023. The company’s cash and cash equivalents significantly dropped from $490.64-million (U.S.) at the end of fiscal Q2 2023 to $179.13-million (U.S.) at the end of fiscal Q2 2024. Tilray is a cannabis company and has approximately 585 million shares issued.


Perhaps as collateral damage from Tilray or perhaps due to its own news, Canopy Growth Corp., another Canadian cannabis company, dropped 8.8% to $6.15 per share. Canopy has arranged a $30-million (U.S.) financing where it will offer 6.99 million units at $4.29 (U.S.) per share. The company will use the proceeds to pay debt and for working capital. Each unit will include a share of Canopy and either one Series A share purchase warrant or one Series B share purchase warrant, both of which will be convertible into a share of the company at $4.83 (U.S.) per warrant.


After market close, West Fraser Timber Co. Ltd. announced that it is closing its sawmill in Maxville, Florida, and it’s curtailing operations at its sawmill in Huttig, Arkansas. The company said this is a result of high fibre costs and a soft lumber market. The Maxville sawmill has approximately 80 employees while the Huttig sawmill curtailing will affect 140 employees. This decision will reduce the company’s U.S. lumber capacity by about 270 million board feet. West Fraser also expects to take restructuring and impairment charges of $50-million in relation to this news. The company trades at $115.63 per share and has approximately 81 million shares issued.


Goodfood Market Corp. rose 11.5% to $0.29 per share on news that it will release its Q1 2024 results on January 16, 2024. Perhaps investors are expecting that Goodfood will release its first quarter of net income. In Q4 2023, the company lost $3.68-million on net sales of $37.22-million, which compares with a net loss of $58.4-million on net sales of $50.35-million in the same period in the prior year. Goodfood is a meal-kit company that has approximately 77 million shares issued.


K92 Mining Inc. rose 9.7% to $6.81 per share on a couple news items. The company produced 39,101 ounces of gold equivalent in Q4 2023 and 117,607 ounces of gold equivalent in FY 2023 at its Kainantu mine in Papua New Guinea. The company has also promoted David Medilek to president and COO, replacing Warren Uyen. Chris Kinver was additionally promoted to vice-president of projects and engineering. K92 has approximately 234 million shares issued.


Oncolytics Biotech Inc. dropped 8.3% to $1.66 per share on news that the company appointed Patricia Andrews to its board of directors. Ms. Andrews was previously the CEO of Sumitomo Pharma Oncology Inc. and the CCO of Incyte. She also spent 17 years with Pfizer and served as the vice-president and general manager of the Pfizer’s U.S. oncology business. Oncolytics is developing an intravenous agent called pelareorep and has approximately 74 million shares issued.


Defi Technologies Inc. has signed a letter of intent to acquire Reflexivity Research LLC, a research firm for the cryptocurrency industry. Reflexivity has an e-mail list of over 55,000 investors. In exchange, Defi will issue five million shares of the company to Reflexivity. The shares will be released from lockup every three months for 12 months. Defi is trading at $0.79 per share and has approximately 276 million shares issued.

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