Is Canopy Growth Stock a Buy?
As the broader stock market continues to recover from its March lows, the cannabis industry has also been performing better. But given that this sector remains significantly down from the levels reached two years ago, the road to full recovery for cannabis stocks is still long.
Canopy Growth (NYSE: CGC), one of the world's largest pot growers by market cap, is down by 16.6%, after plunging by more than 50% during the first few months of the year. Canopy's performance trails that of the Horizons Marijuana Life Sciences ETF (OTC: HMLSF) -- an industry benchmark -- which is down by 15.4% since the year started. Could this be an excellent opportunity for investors to buy shares of Canopy while they're cheap?
Canopy recently released its earnings report for the fourth quarter of its fiscal year 2020. The company's financial results were underwhelming, to say the least.
Source Fool.com
