Founded in 2013, Canopy Growth Corporation specialises in producing and selling legal recreational and medical marijuana in Canada. Its goal is to expand its activities by providing the best experience for its clients.
The legal cannabis industry is becoming a more and more popular field among investors, especially those that want to diversify their portfolios with a relatively new and booming asset. According to ArcView Market Research and BDS Analytics, global spending on cannabis reached about $9 billion in 2017 and the figure is expected to reach more than $32 billion by 2022.
In 2014, the firm became the first publicly listed company specialising in cannabis in North America (Toronto Stock Exchange), and in 2018, it became the first cannabis-related company to be listed on the New York Stock Exchange.
Canopy represents the world’s largest multi-brand cannabis. It has seen a meteoric growth in 2018, especially after Canada became the first industrialised country to legalise cannabis. Canada’s legalisation of marijuana has pushed its stock prices to sky-high levels, as the company gained about 121% in 2018 (and up to 215% – its highest level in October 2018).
Canopy’s operations are held in 13 countries across five continents, not to mention that the world’s largest diversified hemp and cannabis company has many partnerships abroad, especially in the field of medical marijuana. In addition to positive growth of the company, Canopy also hopes that these partnerships will help create jobs and bring a meaningful economic impact across the countries the company operates in.
- As recently as April 2014, Canopy went public on the Toronto Stock Exchange under the ticker symbol, WEED.
- In 2017, Canopy became the first company in the cannabis industry to be added to the Canadian S&P/TSX Composite Index.
- In 2018, the company started trading in New York under the ticker symbol, CGC, becoming the first pot producer to be listed in the NYSE.
- Canopy became the first publicly listed recreational and medical marijuana company to reach a market valuation of $1 billion.
- In mid-2018, Constellation Brands – the company that owns Corona and Modelo Beers – heavily invested in Canopy Growth Corp to provide new marijuana-based products such as cannabis-based drinks.
- In December 2018, Canopy acquired the global leader in technologically-advanced vaporiser design and manufacturing, Storz & Bickel. This transaction will certainly allow for the company to develop its future products.
Assets such as Canopy Growth Corp. have been popular since 2016 what with several U.S. states and Canada legalising the use of recreational marijuana – but they are still quite volatile assets. It is thus important to be cautious whilst trading and use money and risk management tools to protect your trading capital while investing on these promising financial assets.