Canopy Growth got in early
Continuing the discussion on Canopy Growth’s (CGC) (WEED) press release on January 8, the company stated that its move to enter the US market started in 2016. Bruce Linton, Canopy Growth’s chairman and co-CEO, said, “Canopy has been preparing for and investing in this opportunity for several years now, through strategic acquisitions, infrastructure expansion, and extensive internal research and development.”
Looking to partner?
In the press release, Canopy Growth stressed its expertise in the hemp market. The company has operations in the Canadian market. The company stated that it harvested nearly 4,500 acres of hemp-based CBD in Saskatchewan. Canopy Growth also mentioned its recent ebbu acquisition. The company develops adult-use cannabis-based products geared toward providing users with certain sensations or experiences. Canopy Growth added that its cash position could allow the company to invest in infrastructure in the United States.
Canopy Growth might be looking for a partner in the United States. The press release said, “The Company is well positioned to assist and enable American farmers to move their hemp to market and positions the company as an expert partner in the United States.”
Canopy Growth already has a well-established partner in Constellation Brands. Tilray (TLRY), HEXO (HEXO), and Aurora Cannabis (ACB) have also been active in researching and developing CBD products.
Next, we’ll discuss what Jim Cramer said about Canopy Growth.