Investing in marijuana comes in many forms, and one legit company is on the NYSE. So, should you go ahead and invest?
Canopy Growth Corporation (NYSE:CGC) claims the biggest market cap of any marijuana stock on the planet. It’s not even a close contest. Canopy’s market cap of around $6 billion is more than $1.5 billion higher than the second-biggest marijuana stock.
Until now, Canopy Growth stock has been listed only on the Toronto Stock Exchange (TSX). However, the Canadian marijuana grower began trading on the New York Stock Exchange (NYSE) on Thursday. Canopy will also continue to be listed on the TSX under the ticker symbol “WEED.” Now that this top marijuana stock has made it to Wall Street, is Canopy Growth a buy?
Good timing – or No?
The timing of Canopy Growth’s move to the NYSE is really good – we think.
I’m referring, of course, to the possibility that Canada will soon legalize the recreational use of marijuana. The Canadian Senate is scheduled for a full vote on legalization on June 7. There’s a very good chance that the bill will pass. In March, the Senate voted 44-29 in favor of advancing the recreational marijuana legislation to committee review, with Canopy and other leading marijuana stocks jumping on the news. We hope that it will become legalized and make a difference in Canada – and then perhaps the States will follow suit.