CGC stock is trending higher on January 28, 2020, as marijuana legalization looks more likely in New York.
On January 27, 2020, Jimmy Vielkind of the Wall Street Journal, wrote earlier that a more optimistic tone has been taken by New York state lawmakers on the time line for the state’s legalization of recreational marijuana. The article quotes Sen. Pete Harchham as saying, “Let’s be frank: We can buy this in any high school in New York state. The marketplace has spoken, so it’s time we tax this and can put that money to a social good.” Source: https://www.wsj.com/articles/legalizing-marijuana-in-new-york-regains-attention-among-lawmakers-11580126401
BMO Capital analyst Tamy Chen upgraded Canopy Growth to Outperform from Market Perform with a price target of C$40, up from C$25. Chen says that following the stock’s sell-off last year, driven by a suboptimal recreational product mix and industry-wide challenges, there is potential upside to Street expectations for fiscal Q3, driven by the company’s pivot into a product mix that should now be better aligned with demand.