Cannabis stocks are flying high on the path to legalization
Cannabis stocks are flying high on the path to legalization
Pot stocks fly higher on legalization hopes. With CNBC’s Julia Boorstin and Melissa Lee, and and the Fast Money traders, Guy Adami, Tim Seymour, Steve Grasso and James McDonald. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Canopy Growth shares rallied Tuesday after the Canadian cannabis company said it expects to be profitable by the second half of 2022.
“We are building a track record of winning in our core markets, while also accelerating our U.S. growth strategy with the momentum building behind the promising cannabis reform in the U.S.,” said Canopy Growth CEO David Klein in a statement on Tuesday.
Canopy shares closed Tuesday, up 11.9% at $49.09. The stock has gained about 149% over the past year, bringing its market value to more than $17.1 billion. In trading Tuesday, the stock rose to a 52-week high of $50.92.
Earlier, the company reported its third-quarter revenue rose 23% from a year ago, to $153 million Canadian dollars (US$120 million), driven by higher sales of recreational products in Canada and medical cannabis in international markets.
Canopy’s loss widened to C$829 million (US$653 milion ), or C$2.43 per share, from a loss of C$109.6 million, or 26 cents per share, a year ago.
The company said it has been trying to improve its profitability by cutting costs and controlling expenses. These efforts, combined with expected increases in demand, should help it to post a profit later next year.
Over the next 12 to 18 months, Canopy expects to lower its costs by as much as C$200 million.
With the new Biden administration, Canopy Growth is optimistic about the prospects of U.S. cannabis legalization, saying it expects to enter the market this year.
“We anticipate that this legislation will include comprehensive reform to ensure restorative justice, protect public health and implement responsible taxation while ending cannabis prohibition,” said Klein in an earnings call.
According to Owen Bennett, an equity analyst at Jefferies Group, Canopy Growth is continuing to position itself as the leading cannabis company in the U.S for near-term legislative reform, after getting ownership in Acreage and a stake in TerraAscend.
Bennett also cited its Martha Stewart CBD products line, which is already outselling 94% of all U.S. CBD brands just four months after launch, as another factor. The brand recently added CBD pet products.
Canopy Growth issued its medium-term financial targets, estimating compound annual revenue will rise between 40% and 50% from fiscal years 2022 to 2024. Additionally, the company expects to achieve positive operating cash flow in fiscal year 2023 and positive free cash flow for the fiscal year 2024.
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CNVCF looks like it is going to be x1000~x5000. This is the real "GME" Stock with huge growth potential
5 thumbs down. I wonder if they are drunk or on pills
buy $KERN
I’m buying all I can$$$$$
Planet 13 !! To the moon 🚀
$BMMJ the most underrated multi-state operator in the MJ space.
Cannabis stocks are the future
How come they did not mention that the entire market is in a massive bubble? After legalization in Canada, pot stocks fell flat and they’re only starting to come back now…
Sg High football Jerseys
Stock-to-Flow Model(Plan B) – "$100k-288k Bitcoin price 2021 year end"
Bought MJ ETF a few weeks ago ! And I’m going to the moon baby 🚀🚀🚀
stock cannabis medical cannabis omg… cannabis in stocks is just bs :))) its like giving quality on the air and turning it into stocks :)))
I started buying a new position in $SNDL
This is the first time in history were all talking about legalization of marijuana the right way
If you told a lot of people earlier this year that bitcoin would go up over 20 and counting , many wouldn’t have thought it possible. It’s happening today, a professional expert helped me know this and so far my crypto has been growing massively working with her .😋
I put $1000 into a weed stock 3 years ago now it’s almost $19000
BEWARE THE SPAMMERS offering investment advice in the comments section… they not only post, but have fake replies to their spam…
We’ll need to get high with the left destroying this country.
Do some due diligence and consider buying Red Light Holland. The best psychedelic company in the industry that sells natural, organic psilocybin that is currently expanding and producing revenue.
SNDL to $3 tomorrow. APHA TLRY ACB 🚀
Luckily Cannabix Tech. just received a long sought patent for a THC breathalyzer 😄
MJNE 🚀
"cannabis stocks are flying high" ( ͡° ͜ʖ ͡°)
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TLRY!!!
CHEKOUT ticker symbol SuGR
The pot stocks are on fire. How ironic
Watch USMJ.
buy acreage?
Cresco!!
Supreme cannabis!!
Profitability, this means that the company has paid back it’s investors, paid off it’s equipment, and is on the road to making real money after the burdensome "First 5 Year" plan. It says a lot when a company doesn’t have access to the Central banking system, yet the still turn this profit!
Great video. Can anyone on the planet tell me why symbol FWDG- Future world (cannabis penny stock) is up 2700% (!!!!) in the last couple weeks?????? I can’t make heads or tails out of its climb and i am FreAkiNg out!
I remember in 2008 when everyone was certain Pot would soon be federally legal. Welp. Here we are today. I’m in CGC. I’ll believe the US is in the game when the bill is officially approved. Otherwise the only drug US investors are smoking is Hopium.
☁️☁️☁️☁️🚀
They seem to be doing pretty good without federal legalization.
I got High af today and make $. A good Tuesday
And this time around im not hearing too much opposition to legalization of marijuana
add to watch list OPGN rapid testing ::
Duh.. Literally every stock is on fire.. If you’re not making money right now you’re an idiot