Canopy Growth Corp (NYSE: CGC) is having a relatively strong start to the trading session this morning, and for good reason. The company announced that it has been selected to provide a retail cannabis outlet with a variety of products. Of course, the news means that revenue will likely see an increase, exciting investors and sending the stock on a run for the top. Today, we’ll talk about:
- The news;
- what we’re seeing from CGC as a result; and
- what we’ll be watching for ahead.
CGC Announces Product Listing News
As mentioned above, Canopy Growth is having an incredibly strong start to the trading session this morning after the company announced that its products had been selected for an approved supplier of cannabis in Ontario. In a press release issued early this morning, the company announced that it had been selected as an approved supplier by the Ontario Cannabis Store to supply a wide variety of cannabis products through its online store starting on October 17th.
In the release, CGC said that specific quantities will be disclosed once the details have been released by the province. In total, Tweed has successfully listed over 100 cannabis SKUs across multiple formats including pre-rolled joints, dried flower, oils and softgel capsules. In a statement, Mark Zekulin, President and Co-CEO at CGC, had the following to offer:
Today marks another significant milestone for us as we’ve officially ensured Ontarians will have access to a huge variety of Tweed -branded products… With our private retail plan being rolled out in other provinces, our attention in Ontario will now turn to bricks and mortar shops in this key market.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In the case of Canopy Growth, the news proved to be overwhelmingly positive. After all, this news means that there is strong potential for revenue growth ahead. So, it comes as no surprise that excited investors are sending the stock toward the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:30), CGC is trading at $38.94 per share after a gain of $1.40 per share or 3.73% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CGC. In particular, we’re interested in following the story surrounding the listing of products and revenue generated. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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