Cannabis stocks are exploding.
Since the start of the year, Canopy Growth (CGC) ran from $25 to $50. Aurora Cannabis (ACB) rocketed from $8.38 to $15.61. Aphria (APHA) ran from $8 to $24.63. Even Sundial Growers (SNDL) just ran from 50 cents to $1.65 on a massive volume spike of 1.2 billion shares. Tilray (TLRY) just ran from $8.40 to $42.35.
Now, as we near a potential push for legalization at the federal level, and as Virginia passes cannabis legislation, related stocks could push to new highs.
Helping, Canopy Growth says it expects to see a profit by the second half of 2022. “We are building a track record of winning in our core markets, while also accelerating our U.S. growth strategy with the momentum building behind the promising cannabis reform in the U.S.,” said Canopy Growth CEO David Klein said, as quoted by CNBC.
The company also said its third quarter revenue was up 23% year over year to $120 million. All thanks to sales of recreational products in Canada, and medical cannabis internationally. However, its loss did widen to $653 million, but it’s trying to improve profitability by cutting its costs and controlling expenses.