#1 - Canopy Growth (NASDAQ:CGC)
Canopy Growth (NYSE:CGC) is perhaps the most familiar name in the cannabis space. But that doesn’t mean it’s all been smooth sailing. Like all cannabis stocks, the company is eagerly waiting for legalization in the U.S. market. However, Canopy Growth has considerable backing from Constellation Brands (NYSE:STZ) that owns 38% of Canopy.
Canopy is the largest marijuana company in Canada and has 30% of its medical marijuana market. As the recreational market begins to open up, it’s logical to presume that Canopy will capture its fair share of that market as well. Constellation says it has plans for Canopy to generate $1 billion in revenue. Constellation is getting some traction as it launches its cannabis-infused beverages in Canada under the Tweed brand name. Part of Constellation’s optimism is that it is planning to roll out these beverages in the United States. And you would figure that Canopy will get a lift from that.
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.
Read More - Current Price
- $3.90
- Consensus Rating
- Reduce
- Ratings Breakdown
- 0 Buy Ratings, 2 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $3.50 (10.3% Downside)
