What Happened With Canopy Growth Stock Today?

Canopy Growth Corporation CGC shares continued to move higher Tuesday after gaining more than 9% in Monday's session. Here's a look at what you need to know. 

What To Know: Canopy Growth stock popped Monday around the same time former President Donald Trump selected Sen. J.D. Vance (R-Ohio) as his vice-presidential running-mate. Ohio legalized adult-use cannabis in November 2023.

According to a Marijuana Moment report, Vance believes states should set their own cannabis laws. He’s also suggested that he's against incarcerating individuals for low-level possession.

Vance voted against the Secure and Fair Enforcement Regulation (SAFER) Banking Act when it was approved in September 2023, noting that “the bill was crafted in such a way that actually would have opened up access to banking resources for fentanyl traffickers and others.” However, Vance left the door open to approving a revised bill in the future.

“If the legislation is better, I’d be more likely to support it,” he said at the time.

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What Else: The Czech government is reportedly pursuing a full commercial adult-use cannabis market as part of its Cannabis Management Act, according to a report released Monday from Business of Cannabis. Canopy Growth currently serves the medical marijuana market in the Czech Republic.

Canopy Growth still faces several headwinds, including the uncertain regulatory environment in the U.S., and the company has yet to become profitable. According to data from Benzinga Pro, Canopy Growth shares are trading below the stock’s 50-day moving average of $8.02. It’s also worth noting that approximately 17.5% of Canopy’s float is currently being sold short. 

Will CGC Stock Go Up?

When trying to assess whether or not Canopy Growth will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $2 on Canopy Growth. One analyst has a negative rating on Canopy Growth’s stock.

In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Canopy Growth have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Canopy Growth is 80.49% up year-to-date. The average analyst price target suggests the stock could have further downside ahead.

For a broad overview of everything you need to know about Canopy Growth, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

CGC Price Action: According to Benzinga Pro, Canopy Growth shares ended Tuesday session 3.08% higher at $7.36.

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