2024-04-26 13:46:03 ET
Summary
- Canopy Growth has received shareholder approval for its plans to enter the US THC cannabis market.
- The company's recent Q3-2024 report shows ongoing financial recovery and success of the company's new right-sizing strategy.
- Canopy Growth's stock price has been on an ongoing uptrend, gaining 87% over the last three months.
- I change my previous rating of Canopy Growth from a buy to a hold.
Canopy Growth ( CGC ) has gained 63.5% since I covered the company last September . Since then, the company underwent a reverse split and its stock price has recovered from the split. I previously rated the company as a buy and emphasized Canopy Growth’s strategy for entering the US THC cannabis market. Canopy Growth has gone forward with its plans and received shareholder voter approval this month. I will discuss the transaction and amendment to the articles of incorporation below. For now, I rate the company has a hold. Canopy Growth is undergoing right-sizing and has divested some of its subsidiaries. Although it is leading the current cannabis rally, it will take some time for the company’s financials to recover....
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Canopy Growth Set For U.S. Cannabis Markets