Canopy Growth Corp (CGC) will thrive as COVID-19 scares get worse
Canopy Growth Corp (CGC) currently trades at $14.13 and has fallen by 2% today. The outlook for cannabis stocks is not nearly as bright as it was two years ago. Canopy’s management is positioning the company to thrive in the long-term. The company also has the best balance sheet in the cannabis group and could even be a buyout candidate.
Based on this information, investorsQ rates this stock 5 out of 10. We give it this rating because Most businesses are getting devastated by the economic shutdown, but not cannabis. Bank of America analyst Christopher Carey says most Canadian cannabis retail stores remain open. As of March 22, Carey estimates 97% of Canadian retail locations were still open. Canopy closed its 23 retail locations in Newfoundland, Saskatchewan, and Manitoba. However, wholesale and online businesses are still running strong. The high forecast for Canopy Growth Corp is $30.17 and the low is $13.83. Notably, the company’s market cap is $5.00 billion with a 52 week high of $52.74 and a 52 week low of $9.00.