Is Canopy Growth Stock a Buy?
The stock market is currently in a state of turmoil, with investors spooked by the COVID-19 pandemic and its potential effects on the global economy. Year to date, the S&P 500 is down by 21% after climbing by about 29% last year.
However, this sell-off might have created opportunities to buy cannabis stocks at much more reasonable prices. For instance, Canopy Growth (NYSE: CGC), one of the largest pot companies by market cap, has seen its shares plunge by 34% since the beginning of the year. Canopy Growth's stock is now worth about $14 (at time of writing), but is now a good time to buy shares of the pot grower?
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Source Fool.com
