Why April Could Be a Big Month for Canopy Growth
Shares of cannabis producer Canopy Growth (NASDAQ: CGC) have been on fire of late. On Friday, the stock soared 69% as news broke that the German government had passed a bill that would loosen marijuana laws, which would make it possible for people to possess cannabis for personal use. Any news related to marijuana legislation is generally enough to lift cannabis stocks. And Germany is one of the larger, more promising marijuana markets in the world.
April, however, could be an even bigger month for Canopy Growth, and it may lead to further swings in its share price. The key question is which direction the stock will go and whether it's worth investing in it today.
Shareholder votes aren't uncommon but the one coming up is of particular importance to the company. Canopy Growth has scheduled a special meeting for April 12 where shareholders will vote on its plans for Canopy USA, a special purpose vehicle that the company plans to setup to house U.S.-based investments, including Acreage Holdings, Wana Brands, and other companies it has pending deals with.
Source Fool.com
