Canopy Growth Corporation Rises Almost 16% On Positive Cannabis Outlook
Canopy Growth Corporation (CGC) rose almost 16% for the day on positive news of Cannabis as a whole.
Two stories stood out today. Firstly, New York Marijuana regulators have approved 15 licenses to New York businesses, bringing NY one step closer to selling recreational marijuana. These processors are the first to be able to take marijuana grown by NY farmers and turn it into cannabis products.
The second story is that North Dakota’s cannabis petition has been approved for the November Ballot. North Dakota voters will be deciding whether or not to legalize cannabis.
The cannabis market in the U.S. is expanding and is exciting investors in the cannabis space.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, Canopy Growth offers product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Canopy Growth’s global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany. Through Canopy Growth’s award-winning Tweed and Tokyo Smoke banners, Canopy Growth reaches its adult-use consumers and has built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada, the United States, and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional hemp derived CBD products to the United States through its First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands.