#8 - Canopy Growth (NASDAQ:CGC)
Canopy Growth (CGC) - Of all the cannabis stocks that I could pick, you might wonder why I’m choosing to look at Canopy Growth (NYSE:CGC). After all, compared to many other struggling cannabis stocks, CGC has a veritable war chest built up due to its partnership with Constellation Brands (NYSE:STZ). But the reason that Constellation invested in Canopy was the potential to develop and market cannabis-infused beverages that would coincide with the launch of Cannabis 2.0. For the uninitiated, Cannabis 2.0 is when the recreational marijuana market in Canada opened up for derivative products (edibles, vapes, etc.). Infused beverages were expected to be a part of this. They still may be, however, Canopy is having problems getting the beverages to commercial scale. And any delay is a setback for a stock and a sector that does not have much wiggle room with investors. Furthermore, without the catalyst from infused beverages, there really isn’t a lot for investors to get excited about with CGC stock. And that could make them question its valuation. Canopy is likely to be standing when the sector shakes out, but that doesn’t mean you should buy the stock right now.
About Canopy Growth
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.
More- Current Price
- $2.53
- Consensus Rating
- Sell
- Ratings Breakdown
- 0 Buy Ratings, 0 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $2.00 (20.9% Downside)
