Canopy Growth Corp Share Price Could Soar On World’s Biggest Stock Exchange
Canopy Growth Corp (NYSE:CGC) (TSE:WEED) (FRA:11L1) long trajectory from 1st corporate start-up cannabis producer to first global cannabis unicorn is now complete, with the listing on the New York Stock Exchange under symbol “CGC”. Its not exactly a surprise.
But what does this mean for the share price of of Canopy, which, as we pointed out in April, has all the potential in the world to head toward $100 a share?
Well for one thing, the world’s largest trading pools – pension funds, sovereign wealth funds, blue-chip ETF’s. etc. – can now buy the shares of Canopy. That alone could cause he share price of Canopy rise continuously throughout the year ahead.
But more importantly, Canopy is now in prime position to start hoovering up US assets – especially once the legislation that will make cannabis federally legal throughout the United States comes into effect, which will happen within a year, is my bet.
The full adoption and implementation of Bill-C45 in Canada, which will make Canada the world’s first G7 nation with full recreational and medical regulations on a national scale, is also poised to further legitimize cannabis companies in the eyes of the world.
Canopy is already the most valuable marijuana company on earth. With a full listing on the world’s most valuable stock exchange, that value is poised to test new highs.
The other aspect of the NYSE listing is that Canopy is now in a position to approach other major pharmaceutical companies listed on the NYSE as a peer, and negotiate drug and consumer product development deals with built-in markets and distribution.
CEO Bruce Linton’s ambition toward a major US stock listing has been a regular feature of his discourse over the last year.
During our interview in March, he said “we looked at putting ourselves onto NASDAQ and did all the preparatory work in October, but we were also a little busy, there’s this company that makes quite a lot of beer and wine, and so we said, like, we’re going to have 12 variables, but 15 may be too many, so let’s just park it for now.
But I think NASDAQ’s done a good job of filtering who’s following the rules, and I don’t believe NASDAQ has a marijuana policy. I think what NASDAQ has is, if you’re a company that follows rules in the jurisdictions that you operate, you can list there, and that means that they haven’t made exemptions or special considerations for marijuana.”
Aurora Cannabis, ever the underdog chasing Canopy’s leadership position, will be hard pressed to top this.
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