Could Canopy Growth Be a Millionaire-Maker Stock?
Those who bought (and held) the Canadian shares of pot producer Canopy Growth (TSX: WEED) (NYSE: CGC) in early 2014 have seen their stock's value increase by a cumulative 1,490% as of Nov. 12. However, first investors in Canopy Growth's U.S. listing were not so lucky; the stock is down more than 16% from its U.S. debut on May 24, 2018.
What happened in those four years? Much of the discrepancy in price is because investors overestimated Canopy's potential in the run-up before the legalization of marijuana in Canada back in October 2018. The stock collapsed in 2019, but investors are once again interested in the company, partly because voters in five states cast their ballots to legalize marijuana this month, adding $2.5 billion of market potential to a green wave sweeping across the U.S.
Can Canopy Growth reward marijuana investors and become a millionaire-maker stock through its U.S. expansion efforts? Let's find out.
Source Fool.com
