Canopy Growth stock

Canopy Growth Stock (TSE:WEED) (NYSE:CGC) On The Verge Of A Breakout

Canopy Growth Stock (TSE:WEED) (NYSE:CGC) is a cannabis play that keeps getting more interesting by the day. $CGC is the cannabis name to own with $STZ controlling the company and providing downside protection. Bear in mind that $CGC has a $7 billion market cap and $2 billion in cash. This gives Canopy Growth Stock (TSE:WEED) (NYSE:CGC) a lot of fire power as we expect further consolidation to take place after last year’s bear market.

Canopy Growth Stock Chart

Canopy Growth Stock Daily Chart

Furthermore, 21% of the float has been sold short. We expect short-covering to start happening and drive $CGC higher.

With the stock at $20, our target is $40 and is a stock we are going to take a position in and hold.

Canopy Growth Corporation , together with its subsidiaries, engages in engages in production, distribution, and sale of cannabis in Canada. It operates through two segments, Cannabis Operations and Canopy Rivers. The company’s products include dried flowers, oils and concentrates, softgel capsules, and hemps. It offers its products under the Tweed, Spectrum, DNA Genetics, CraftGrow, Tokyo Smoke, DOJA, Van der Pop, and Maitri brands. The company also provides growth capital and a strategic support platform that pursues investment opportunities in the global cannabis sector. Canopy Growth Corporation has a clinical research partnership with NEEKA Health Canada to investigate the efficacy of cannabinoids for the treatment of post-concussion neurological diseases in former NHL players; partnership with Parent Action on Drugs; and a collaboration with Cure Pharmaceutical Holding Corp. for the development of low-dose cannabidiol oral thin films. The company was formerly known as Tweed Marijuana Inc. and changed its name to Canopy Growth Corporation in September 2015. Canopy Growth Corporation is headquartered in Smiths Falls, Canada.

As always, use protective stops and trade with caution.

Good luck to all!

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Disclosure: We have no position in Canopy Growth Stock at the current time, although we may initiate a LONG position after 72 hours of publication. We have not been compensated for this article.

Image by ken lecoq from Pixabay

Canopy Growth Stock (TSE:WEED) (NYSE:CGC) On The Verge Of A Breakout
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