Canopy Growth (CGC)

Nov 7, 2022Trade Ideas

Cannabis stocks, like Canopy Growth (CGC) could push higher.

All as the company waits for midterm election results, which could see legalization in Arkansas, Maryland, Missouri, North Dakota, and South Dakota. In addition, the Biden Administration recently asked for a reevaluation of cannabis’ legal classification. Better, Allied Market Research believes the cannabis market could grow at a CAGR of about 20% over the next 10 years to reach $149 billion.

We also can’t forget that Canopy Growth just entered into a new U.S. strategic arrangement to fast track entry into the market. In fact, it just announced it would create a new holding company, Canopy USA, which will hold the company’s U.S. cannabis investments, and allow it to exercise rights to acquire Acreage.

And, just recently, Sen. Chuck Schumer said Congress is getting “very close” to an agreement on a cannabis bill, which would allow legal cannabis companies to access banking services.

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