Canopy Growth Corp(CGC) is still a very risky bet
Canopy Growth Corp(CGC) currently trades at $15.13 and has grown by 18.115% in the past 24 hours. Canopy’s stock is still far too expensive, and investors would be purchasing shares of a company that is not yet profitable amid a time of turmoil for financial markets and uncertainty for the global economy. In light of these factors, and although Canopy looks well-positioned to profit from the Canadian pot market, investors would be better off staying away for now.
Based on this information, investorsQ rates this stock a 5 out of 10. We give it this rating because the cannabis market is too risky as companies are burning cash at an alarming rate. This stock is not recommended to be added to your portfolio. The high forecast for Canopy Growth Corp is $30 and the low is $13. Notably, the company’s market cap is $5.263 billion with a 52 week high of $52.74 and a 52 week low of $9.00.