Keep an eye on Canopy Growth (CGC).
The cannabis stock just sparked a rally, and could see higher highs. All after the company said it entered into a new U.S. strategic arrangement to fast track entry into the market. In fact, it just announced it would create a new holding company, Canopy USA, which will hold the company’s U.S. cannabis investments, and allow it to exercise rights to acquire Acreage.
Even better, the move will fast-track Canopy’s entry into the U.S. cannabis market.
After all, “The U.S. is projected to be an over $50 billion market opportunity, and this strategy aims to unlock the ability to capture share and return on investments made to date. Through these “stepping stone” transactions, Canopy will be strategically repositioned to capitalize on the benefits of complete ownership and control of its U.S. THC portfolio of assets upon U.S. federal permissibility,” they noted in a company press release.