Ian Cooper’s Stock Pick of the Week

Chart of Day: Canopy Growth (CGC)

Canopy Growth (CGC) just found support at $9.70 and is slowly pivoting higher.

From that price, we’d like to see it rally back to about $15 a share on key catalysts.

For one, more Americans (about 88%) want to see cannabis legalization, according to a Pew Research poll. Two, the U.S. Drug Enforcement Administration just said it would reclassify cannabis as a Schedule III drug. Three, more U.S. states, including Florida could legalize its use.

As noted by the Miami Herald, “The Florida Supreme Court has approved the ballot language of Amendment 3 that seeks to legalize adult-use cannabis in the November elections.”

We also have to remember that Germany just legalized its use, which could set off a chain reaction of further approval throughout Europe.

In addition, Senate Democrats just introduced a bill to federally legalize cannabis.

“It’s time for Congress to wake up to the times and do its part by passing the cannabis reform that most Americans have wished for. It’s past time for Congress to catch up with public opinion and to catch up with the science,” said Majority Leader Chuck Schumer.

 

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

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