Canopy Growth Corporation, listed on the Nasdaq as CGC, is a prominent player in the cannabis industry. The company is involved in the production and sale of cannabis products, catering to both medical and recreational markets. Recently, Alliance Global Partners adjusted its rating for CGC to Neutral, maintaining a hold action, with the stock priced at $1.66.
Alliance Global also raised the price target for Canopy Growth to C$2.50 from C$2. This adjustment comes as Canopy Growth announces a strategic acquisition of MTL Cannabis Corp. The acquisition involves obtaining all issued and outstanding common shares of MTL Cannabis and settling associated debts. This move is expected to position Canopy Growth as Canada's leading medical cannabis business.
The acquisition is anticipated to enhance Canopy Growth's capacity to meet the growing international demand for cannabis products. Despite this positive outlook, the current stock price of CGC is $1.66, reflecting a decrease of approximately 4.89%. The stock has dropped by $0.09 today, with a trading range from $1.63 to $1.88.
Over the past year, CGC has experienced significant volatility, reaching a high of $3.14 and a low of $0.77. The company's market capitalization is approximately $396.8 million. Today's trading volume for CGC is notably high, with 101,136,052 shares exchanged on the NASDAQ exchange.
