Canopy Growth Corp (NYSE: CGC) has been making plenty of news this week. Just yesterday, the cannabis giant announced it was appointing a former executive from Constellation Brands as it’s new CFO.
As it turns out, there were multiple developments today that favored the Canadian cannabis giant which competes alongside Aurora Cannabis (NYSE: ACB) as the top marijuana company in the world.
The biggest news came from an interview with Martha Stewart, who previously partnered with Canopy, in an interview where she continued to promote cannabis as a treatment option to humans and animals.
Speaking recently, the businesswoman and lifestyle guru went on to say that the cannabis could replace opioids in the future.
“Well, it’s the modern thing, and it’s an alternative to opioids of course,” said Martha Stewart in a recent interview. “That’s what it’s being hailed as, and if anything can help with that crisis, that would be good. We still are doing a tremendous amount of research in the cannabis industry.” She also went on to add that as a pet enthusiast, marijuana’s potential for pet care in unmatched considering how few side effects it has. “I have a lot of animals, and I would love to be able to relieve stress or arthritis or other kinds of problems that my horses, my dogs, my cats experience. We’re working on that first, and we’re working on additions to human food stuffs, and also on cosmetics.”
Martha Stewart is just one of many celebrities that have signed on with Canopy Growth in one way or another. Snoop Dogg is another well-known figure that works with Canopy, with the two figures being friends and have both appeared on one of Martha Stewart’s cooking shows baking pot-infused edibles.
Canopy Growth also made news today when it announced it was making a $74 million all-cash acquisition of London-based This Works. As one of the top English cannabis brands in the space of skincare and sleep solutions, the deal is part of a larger strategy at Canopy Growth to compete on an international level with its rivals like Aurora.
Much of this international expansion has been driven by the initial $4 billion investment made from Constellation Brands earlier in 2018, which at the same was the biggest partnership in cannabis history.
In response to the news, shares of Canopy Growth increased a modest 2.5 percent on Wednesday’s trading session. Over the past month, shares of the company have dipped, falling from almost C$70 per share down to C$61.82. This slight downward trend has been shared by many other major cannabis companies like Aurora.
Canopy Growth Company Profile
Canopy Growth Corp through its subsidiaries is the licensed producer of medical marijuana in Canada. The company grows, produces and sells medical marijuana. It operates diverse brands and variety supported by over half million square feet of indoor and greenhouse marijuana production.
It sells medical marijuana under various brand names including Tweed, Bedrocan, and Mettrum. A majority of the revenue is derived from the sale of medical marijuana by Tweed and Bedrocan in Canada. – Warrior Trading News