tsla

CGC Stock Buzzing on U.S. CBD Launch

The equity just conquered a key trendline earlier this week

Digital Content Manager
Dec 12, 2019 at 9:45 AM
facebook X logo linkedin


The shares of Canopy Growth Corp (NYSE:CGC) are popping today, up 1.1% to trade at $20.53 after the firm announced its launch of First & Free -- hemp-derived CBD products -- for the U.S. market. The line will include softgels, oil drops, and creams, and will be available to purchase through the brand's website. 

While still down roughly 24% for the year, CGC has made some headway in recent months. The equity just overthrew its 50-day moving average for the first time since May, and is eyeing its fourth consecutive close north of the trendline. Plus, Canopy Growth is once again testing support at its 60-day moving average.

Should some of this positive price action continue, the door is wide open for analyst upgrades. Currently nine of the 16 in coverage call the cannabis concern a "hold" or worse. What's more, the consensus 12-month target price of $21.78 hovers just above current levels. 

Options bulls, on the other hand, have flocked to CGC. At the  International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security sports a 10-day call/put volume ratio of 3.92. That ratio ranks higher than all but 8% of readings from the last year, indicating a bigger than usual appetite for bearish bets of late. 

Conversely, short-term options players haven't been more put-heavy. The stock's Schaeffer's open interest ratio (SOIR) of 0.99 sits in the top percentile of its annual range. Peak open interest in the front-month series sits at the December 10 put, where data shows a near-even split in buy- and sell-to-open activity.

 

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.