Chart of Day: Canopy Growth (CGC)
Cannabis stocks may be some of the most controversial opportunities on the market. But many could also be rewarding – especially with these key catalysts.
Look at Canopy Growth (CGC), for example.
With several key catalyst ahead – such as potential rescheduling ahead of elections, a growing number of Americans approval of legalization, and an upcoming Florida vote on adult-use legalization – related stocks could see higher highs.
Plus, the company’s shareholders just approved the creation of a new class of Exchangeable Shares, which will now Canopy to acquire U.S. assets.
“With this successful shareholder vote complete, our Canopy USA strategy is advancing and is poised to make Canopy the first and only U.S. listed cannabis company offering shareholders unique exposure to the rapid growth of the U.S. cannabis market,” said David Klein, Chief Executive Officer of Canopy Growth. “Canopy USA can now move quickly to acquire its U.S. assets in Wana, Jetty, and Acreage, and we expect Canopy Growth to begin highlighting Canopy USA’s financial performance to our shareholders later this year.”
Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies