What Happened With Canopy Growth Stock Today?
Portfolio Pulse from Erica Kollmann
Canopy Growth Corporation (NASDAQ:CGC) shares continued to rise, gaining 3.08% on Tuesday after a 9% increase on Monday. The stock's movement is linked to political developments, including Sen. J.D. Vance's selection as Donald Trump's vice-presidential running mate and Ohio's legalization of adult-use cannabis. Despite positive momentum, Canopy Growth faces challenges such as an uncertain U.S. regulatory environment and profitability issues. Analysts have a 12-month price target of $2, suggesting potential downside.
July 16, 2024 | 9:23 pm
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Canopy Growth shares rose 3.08% on Tuesday following a 9% gain on Monday, driven by political developments and Ohio's cannabis legalization. Despite the positive momentum, the company faces regulatory challenges and profitability issues. Analysts have a 12-month price target of $2, indicating potential downside.
The stock's recent rise is attributed to political news and Ohio's cannabis legalization, which are positive catalysts. However, the company's ongoing regulatory challenges and profitability issues, along with a low analyst price target, suggest potential downside.
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