Bullish options flow was detected in CGC stock on January 10, 2020.
On January 8, 2020, the New York Times reported that New York Governor Andrew Cuomo outlined his 2020 agenda vowing to legalize marijuana. The governor promised legalization in 2020, a move that may pour much-needed revenue into the state amid a $6B budget gap and also suggested the state university system be used for research on the drug, saying that “the cannabinoid industry has gone unregulated and unchecked.” Source: https://www.nytimes.com/2020/01/08/nyregion/state-of-the-state-cuomo-ny.html
On January 6, 2020, Rade Kovacevic, President, Canopy Growth Corporation, appeared on The View From The C-Suite on YouTube in which he talks about the history of the company.
On January 6, 2020, Tokyo Smoke, Canopy Growth Corporation’s (NYSE: CGC) retail brand, announced that it will be working with a total of ten recently-announced Ontario retail licence holders to open new Tokyo Smoke branded retail cannabis stores across the province.
In addition to the five locations announced in November 2019, the following five locations are now progressing through the process to open doors in 2020:
1180 Queen Street West, Toronto, ON
21 Bloor Street East, Toronto, ON
235 James Street North, Hamilton, ON
2257 Rymal Road East, Unit D-1, Stoney Creek, ON
1000 Wellington Avenue Unit 101, Ottawa, ON
“With ten new stores set to open in the first half of this year, we are pleased with the momentum we’ve built and excited to bring the Tokyo Smoke experience to more Ontarians,” said Rade Kovacevic, President, Canopy Growth. “Increasing Tokyo Smoke’s presence across the province will expand access to high-quality cannabis products and education, continuing to migrate cannabis sales from the illicit to the regulated market.”
Once licensed, this will bring the number of Tokyo Smoke branded retail cannabis stores in Ontario to a total of 12, joining Tokyo Smoke 333 Yonge at Dundas Square in Toronto, and Tokyo Smoke Oshawa.
All ten of the new locations have been posted to the Alcohol and Gaming Commission of Ontario’s (“AGCO”) website and nine have completed the Public Notice period, progressing to the next stage in the licensing process.
The new stores, owned and operated by independent business owners with support available from Canopy Growth’s retail team, will increase Canopy’s retail banners across Canada to a total of 37, with more planned throughout the 2020 calendar year.
This announcement comes the same day the Government of Ontario takes the first steps to move to an open market for retail cannabis stores. The AGCO will begin accepting operator license applications from prospective retailers on January 6, 2020, followed by store authorization applications on March 2, 2020. The Company believes this decision will be integral to providing consumers with more choice and convenience, and a safe and reliable supply of cannabis.
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