Today, it may seem silly to ask whether Canopy Growth could outperform its peers this fall.
However, the fact that Canopy Growth stock has moved so sharply to the downside is not good for investors thinking about this company’s near-term prospects.
Canopy will be focusing on shoring up its recreational business, with new product launches and a focus on edibles expected to improve market share.
Canopy has been losing steam of late, with other cannabis players seemingly eating some of this company’s lunch.
Canopy Growth is set to acquire U.S.-based cannabis edible manufacturer Wana to expand its presence in the U.S.
Edible cannabis products hold approximately 5% market share of the total Canadian recreational cannabis market.
The Canadian cannabis company stated that it would make an upfront cash payment worth $297.5 million to acquiring the option to purchase Wana.
Although the cannabis player has cast a dim light on the outlook for this sector moving forward, there’s certainly reason to like Canopy Growth stock at these levels.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor.