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. 


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners