Canopy Growth Starting on April 11th, moved from 31.81 to 52.32 on April 29th at 2PM.
This incredible upswing in price can be attributable in full to the Acquisition of Acreage holdings, which according to The Motley Fool, was only the rights to purchase it on the contingency that the United States federally legalized pot.
In the time since, many stocks like Cronos group, and Aurora saw momentary gains from these news outbreaks. An event which I personally would attribute to investor speculation; about other acquisitions for other securities that investors are assuming are happening or are hoping to happen.
Only one thing is clear so far, and that is that Canopy Growth has proven to investors that it is the best choice for winning the pot stock game of thrones.
Personally I feel as if CGC, CRON, and ACB are all potentially overvalued at the current moment. I would like to purchase more shares in the event that ACB goes down to 8 dollars. CRON may not be over valued but it needs to show me that it is not going to lose my money if I trust the company to deliver good results next quarter. Canopy Growth with its 16 billion – 17 billion dollar market cap, and domination of sales last quarter over other companies is my pick for this green rush, it is also a pick that the likes of Jim Cramer agrees with.
Whoever you end up choosing to invest your funds with just remember, we are a long way away from federal legalization in the United States. Therefore it is smarter to do research about the global legal sales of pot, and not the United States as it is still unknown whether the country will ever be a host for federally legal pot.