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Home / Business / Marijuana Stock Rally as Canopy Growth Stock Jumps on Price Target Boost

Marijuana Stock Rally as Canopy Growth Stock Jumps on Price Target Boost



Canopy Growth (CGC) will benefit from a "long growth path in the US," thanks largely to its hemp production license in New York, Piper Jaffray analysts said they are raising their price target for Canadian cannabis producers. Canopy Growth shares led to an increase in marijuana shares on Friday.





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Michael Lavery, Piper Jaffray analyst, said in a research report that Canopy has "hemp-specific IP, cash reserves, and technical know-how that should be well positioned in the US hemp and CBD market." , so MarketWatch.

The bill of 2018 legalizes industrial hemp, which is a source of cannabidiol or CBD. CBD is a compound in hemp and marijuana plants that does not provide the high THC content. Many people have used it to reduce anxiety and use other wellness purposes.

"While we do not have any more specific plans yet," he continues, "we believe this tangible move to the US is a clear step forward. The prospects for sustainable growth are more optimistic." [Piper Jaffray] Increased His Target for the Canopy Growth share from 40 to 60. The company also gave the rival good marks this month Tilray (TLRY).

Canopy Growth Stock, Marijuana Stocks

The Canopy Growth stock price rose 7% today. Among other marijuana stocks, Aurora Cannabis (ACB) rose 1% near its 200-day line. The Cronos Group (CRON) climbed 2%. Aphria (APHA) rose 2%. Tilray (TLRY) increased by 3.5%.

Canopy Growth said this month that New York has granted it a license to produce hemp in the state. The company plans to invest $ 100 million to $ 150 million in New York. The exact amount depends on the approval of a particular location.

"The project is another example of the strategic advantage that Canopy Growth has acquired with the recently closed strategic investment of $ 4 billion from Constellation Brands, a New York based liquor, leader and Fortune 500 company "Canopy Growth said in a release this month.

Races in the US Marijuana Market

Canopy Growth stocks jumped after Constellation Brands (STZ), a large beer and wine announced plans to make this investment. Since then, Constellation has asked more questions about its bet on Canopy Growth.

The shortage in the Canadian recreational market seems to exist at least this year. Analysts fear that winners and losers in the emerging industry are anything but clear. Marijuana stocks are still volatile.

Other marijuana companies are seeking ways to tap the potential large US market for CBD markets, which is likely to be fueled by people seeking physical therapy or pursuing wellness trends.

Tilray announced a revenue share this month with Authentic Brands Group, a company with a massive presence in retail and well-known companies as partners. The deal could eventually lead to Tilray's CBD products being sold to retailers.

Ohio-based Green Growth Brands said it has partnered with DSW (DSW) to bring CBD foot creams and muscle balms to the shoe retailer's shelves.

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