Canopy Growth Corporation’s (NASDAQ: CGC) stock is down 45% from its 30-month high of $56.50 made on Feb. 10. Before Feb. 10 the stock had not traded above $53 since October of 2018 when Canada made the move to legalize and regulate the consumption and sale of recreational cannabis.
Since then, Canopy Growth has been a frustrating stock for marijuana sector bulls. After President Joe Biden was sworn into office, positive sentiment returned to pot stocks. Traders and investors hope the new administration will move quickly to pass federal cannabis reform measures such as the SAFE Banking Act, which is currently before the U.S. Senate.
The Canopy Growth Chart: There is both a bull case and a bear case for …
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