Ever since Canopy Growth (CGC) began trading on the NYSE in May, it had been slowly moving upward (1) until its shares took a hit when Ontario had announced delaying its launch of retail marijuana outlets (2).
It’s most recent earnings report was far from stellar (3), a surprise -0.40 from an estimated -0.13.
But then wine and spirits magnate, Constellation Brands, announced last week (4) that it would increase its stake in Canopy to $4 billion. This news sent Canopy’s stock skyrocketing to all-time highs, reaching $40.26 per share a the time of this writing (5).
The risk of loss in the trading of stocks, options, futures, foreign exchanges, foreign equities, and bonds can be substantial and is not suitable for all investors. Trading on margin or the use of leverage is not suitable for all investors and losses exceeding your initial deposit is possible. Supporting documentation is available upon request. Trading futures, options on futures, and foreign exchanges involves substantial risk of loss and is not suitable for all investors. Carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources and only risk capital should be used. Opinions, market data, and recommendations are subject to change at any time. The lower the margin used the higher the leverage and therefore increases your risk. Past performance is not necessarily indicative of future results.