On April 18, we noted, “Keep an eye on cannabis stocks, like Canopy Growth (CGC). With several key catalysts ahead – such as potential rescheduling ahead of elections, a growing number of Americans approval of legalization, and an upcoming Florida vote on adult-use legalization – related stocks could see higher highs.”
At the time, CGC traded at $6.85. It’s now up to about $9 and could see higher highs, as we near potential rescheduling and the upcoming elections.
Plus, the company’s shareholders just approved the creation of a new class of Exchangeable Shares, which will now allow Canopy to acquire U.S. assets.
“With this successful shareholder vote complete, our Canopy USA strategy is advancing and is poised to make Canopy the first and only U.S. listed cannabis company offering shareholders unique exposure to the rapid growth of the U.S. cannabis market,” said David Klein, Chief Executive Officer of Canopy Growth. “Canopy USA can now move quickly to acquire its U.S. assets in Wana, Jetty, and Acreage, and we expect Canopy Growth to begin highlighting Canopy USA’s financial performance to our shareholders later this year.”
