Canopy Growth Company(CGC) will see rise that the marijuana stocks need
Marijuana stocks as a whole have seen huge losses recently due to cash being burnt quicker than they can make it. This does not mean there is no hope left. You have to remember the marijuana industry is relatively new to the market. Canopy Growth became public in 2014 along with Aurora Cannabis, then 4 years later Tilray opened to the public as well. That being said, these stocks have a lot of work to do before seeing an impressive profit board. Canopy reported that they will close all corporate-owned pot shops in the nation, allowing only online orders due to the coronavirus. Canopy has set a dominant e-commerce platform that will allow customers to order products while stores are closed. Canopy has the largest market value than any other pot stock and signs of reliability and growth. Though the company has said they will close greenhouses and lay off staff, they are in the front line of the industry.
Investing in the marijuana industry now could pay off tremendously in the future since we are moving closer and closer to a pot-friendly-world. I see Canopy being a stable and profitable company in the next couple of years. They already impressed investors last quarter beating the wall street predictions, ultimately benefitting all marijuana stocks. Keep your eyes peeled and maybe buy a few shares as we watch what the future holds for these pot loving companies.
March 17, 2020