Why Canopy Growth Is Trading Higher Today

Canopy Growth Corp CGC is trading higher Tuesday morning following an upgrade from MKM Partners.

What Happened: MKM Partners analyst Bill Kirk upgraded Canopy Growth from Neutral to Buy and announced a CA$55 ($45.70) price target.

On May 20, Canopy Growth announced that it appointed Martha Stewart as the company’s official strategic advisor.

“Canopy Growth is committed to providing consumers with trusted CBD products with quality ingredients, and Martha Stewart has been a champion of our commitment since the inception of our partnership. We are thrilled to deepen our relationship with Martha through this new advisory role," David Klein, CEO of Canopy Growth, said at the time. 

Related Link: Canopy Growth Names Martha Stewart As Its Official Strategic Advisor

Canopy Growth is set to report financial results for the fourth quarter and fiscal year 2021 before the market opens on June 1.

CGC Price Action: Canopy Growth traded as high as $56.49 and as low as $13.83 over a 52-week period. 

At last check Tuesday, the stock was up 3.79% in premarket trading at $23.54.

Image by Brent Barnett from Pixabay.