ReportWire

Tag: CGC

  • Canopy Growth stock soars on heavy volume again, amid cannabis investor optimism over possible favorable legislation

    Canopy Growth stock soars on heavy volume again, amid cannabis investor optimism over possible favorable legislation

    [ad_1]

    Shares of Canopy Growth Corp.
    CGC,
    +22.61%
    shot up 21.7% toward a near four-month high in very active afternoon trading, putting them on track for the fifth double-digit percentage gain in seven sessions. The stock has rocketed 130% over the past seven session. Trading volume was 107.7 million shares as of Friday afternoon, to mark the fourth 100+-million-share volume day in the past six sessions, while the average volume over the past 30 days was about 36.3 million shares. The stock’s surge comes as Senate Banking Committee chair Sherrod Brown said Wednesday that there is “an agreement imminent” on the SAFE Banking Act, according to a Politico report, which could make it easier for the financial industry to work with cannabis companies. Among other cannabis stocks, shares of Tilray Brands Inc.
    TLRY,
    +2.03%
    gained 2.4%, of Cronos Group Inc. climbed 6.0% and of Aurora Cannabis Inc.
    ACB,
    +14.75%
    jumped 12.5%. The AdvisorShares Pure US Cannabis ETF
    MSOS,
    +3.88%
    rose 7.5% on volume of 13.9 million shares, compared with the full-day average of about 5.6 million shares, while the S&P 500
    SPX,
    +0.14%
    slipped 0.1%. The cannabis ETF has soared 77% over the past seven sessions.

    [ad_2]

    Source link

  • Canopy to fast-track entry into U.S. market

    Canopy to fast-track entry into U.S. market

    [ad_1]

    Canopy Growth Corp. ‘s U.S.-listed shares
    CGC,
    +9.83%
    WEED,
    -2.78%
    rose 3.9% in premarket trades on Tuesday after the Canadian cannabis company announced a plan to consolidate its U.S. cannabis assets into a new holding company called Canopy USA. The holding company has an exchangeable share structure that is designed to trigger full ownership of U.S. cannabis investments and take advantage of U.S. cannabis market opportunities. Canopy USA will house Acreage Holdings Inc.
    ACRHF,
    +4.93%    ,
    Wana and Jetty and allow Canopy to exercise rights to own 100% of the companies. Third-party investors will hold 100% of the common shares of Canopy USA, the company said. Canopy Chief Executive David Klein said the company expects the U.S. market to be worth more than $50 billion by 2026. Constellation Brands Inc.
    STZ,
    +2.34%    ,
    which invested $4 billion in Canopy when Canada fully legalized cannabis for adult use in 2018, said it will convert its common stock holdings into new exchangeable shares, which will allow it to protect its own shareholder value, while retaining an interest in Canopy in non-voting and non-participating shares. That will allow the drinks giant to focus on its core beer, wine and spirits business. Constellation CEO Bill Newlands said the deal will allow the liquor company to “further reinforce our intent to not deploy additional investment in Canopy aligned with [the company’s] previously stated capital allocation priorities.” Shares of Constellation Brands are down 8.5% in 2022, compared to a loss of 20.3% by the S&P 500 [s spx], while Acreage shares have lost 61% of their value this year, compared to a 59% drop by the AdvisorShares Pure US Cannabis ETF
    MSOS,
    +3.57%    .

    [ad_2]

    Source link