Betting on the US
Every day, we’re seeing the bets on the US cannabis sector getting bolder. Recent activity from Cowen and Company increased the US cannabis sector’s sales forecast. To learn more, read Cannabis Industry Gets a Boost from Cowen This Morning. Cowen and Company’s view on the US cannabis industry makes it clear that there’s an increased likelihood of potential broad legalization of cannabis (HMMJ). The US has already made hemp legal.
Canopy Growth’s intentions
On January 8, Canopy Growth (WEED) (CGC) issued a press release that discussed the advantages of CBD in cannabis. In the press release, Canopy Growth provided the developments in the US market following the latest farm bill, which includes hemp legalization. Canopy Growth stated that the farm bill “enables expanded pathways to the American market for hemp-based products, including CBD products.” On January 8, Canopy Growth gained nearly 2.5%.
Companies like Tilray (TLRY) and Cronos Group (CRON) would also benefit from entering the US market with innovations in hemp-based products that exploit CBD for users in that market.
Next, we’ll discuss Canopy Growth’s early entry into the US hemp market.