Marijuana Stocks: Canopy Growth Is Latest To Expand As Canada Pot Legalization Looms
Canopy Growth (CGC) won approval for more cultivation space and a robotic distribution center as the marijuana industry gears up for Canada pot legalization later this year. Marijuana stocks are at or near record highs.X
On Wednesday, Canopy said it received amended licenses from Health Canada to nearly double its growing capacity at its Smiths Falls Campus and add a "highly automated" distribution center.
The licenses also let the company add 223,200 square feet of cultivation space at its majority-owned Les Serres Vert Cannabis site.
Canopy Growth has over 2.7 million square feet of existing, fully licensed cannabis capacity, according to the press release.
Marijuana Industry Gears Up For Canada Pot Legalization
Canada in October will become the first G-7 country to legalize marijuana for recreational use, though details vary from province to province.
And cannabis companies are gearing up. On Tuesday, Cronos Group (CRON) announced supply binding agreements with Ontario Cannabis Retail and the BC Liquor Distribution Branch. It's also gotten agreements with Nova Scotia Liquor and Prince Edward Island Liquor.
Marijuana stocks have climbed in recent weeks. Canopy shares climbed 3.2% to 41.35 on the stock market today. Canopy broke out of a cup base with a 36.65 buy point earlier this week. Shares have moved past the 5% chase zone.
Cronos stock jumped 5.5% to 8.62, right at a 5-month high. Tilray (TLRY) sank 1% to 38.60. On Monday, Tilray broke out of an IPO base with a 34.20 buy point. Its stock, like Canopy's, is extended.
Other industries are getting into the marijuana business. Liquor giant Constellation Brands (STZ) announced last week that it would put billions more be hind Canopy.
YOU MIGHT BE INTERESTED IN:
Will Marijuana Industry Overtake Beer As Legalization Spurs Innovation?
Marijuana Stocks To Buy And Watch
Here's How Enormous Pot Sales Could Get With Legalization
This Bill In Congress Could Bring Top Marijuana Companies To The U.S.Source: Google News Canada | Netizen 24 Canada