CGC Higher on New Cannabis Beverage

The equity is up 20% for the quarter

Digital Content Manager
Jun 16, 2020 at 2:52 PM
facebook twitter linkedin

The shares of Canopy Growth Corp (NYSE: CGC) are up 4.2% to trade at $17.46 this afternoon, after the Canadian cannabis company launched Deep Space, a full-flavored cannabis beverage with 10 mg of active compound THC per can. The beverage is currently available for purchase on provincial e-commerce platforms and select retailers, such as Tweed and Tokyo Smoke. 

CGC has made an impressive comeback on the charts, nearly doubling from its mid-March, two-year low of $9. The equity was able to find support at the $16 mark last week, and is now sporting a healthy 20% lead for the quarter. 

Despite the positive price action, analysts are still hesitant toward CGC, with 12 of the 16 in coverage calling it a "hold" or worse and four considering it a "strong buy." In simpler terms, there looks to be plenty of room for a round of upgrades on CGC in the near future.


Short interest is building of late, up 15.3% in the past two reporting periods. The 45.8 million shares sold short represent roughly 21% of the stock's available float, and nearly six and a half times its average daily trading volume. 


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners