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Canopygrowthcorporation

CGC prepping for generous PRICE GROWTH!NASDAQ:CGC (Canopy Growth Corp) CGC is lowkey trying to cook something based on the recent price action this past 6 weeks. Net positive volume / accumulation has almost doubled this past few days, from 35M to 61m and continuing to rise. Last QTR earnings (August 9, 2023) has aided the significant price recovery - propelling earnings to green territory to 60.3% and revenues to 20%, first green output in the last 5 quarters (15 months). RR ratio on this one looks attractive. Spotted at 0.55 TAYOR. *Safeguard funds always. Factor the muted financial standing of this stock before trading.
NASDAQ:CGCLong
by JSAL
10
Biden Administration Proposes Major Shift in Cannabis PolicyThe Biden administration has taken steps to reclassify marijuana use as a less serious crime. This potential policy change, if finalized, stands to be the most substantial adjustment in federal marijuana regulations in over four decades. The U.S. Department of Justice, overseeing the Drug Enforcement Administration (DEA), has recommended reclassifying cannabis from a Schedule I drug, which denotes substances with a high potential for abuse and no accepted medical use, to a Schedule III drug. This reclassification would reflect a recognition of marijuana's lower potential for physical and psychological dependence compared to other controlled substances. Shares of cannabis companies soared in response to the news, with stocks like Tilray, Trulieve Cannabis Corp, and Green Thumb Industries experiencing surges of over 20% in late afternoon trading. This market reaction underscores the significant financial implications of potential regulatory changes in the cannabis industry. However, it's crucial to note that while the proposed reclassification may lessen the severity of penalties associated with marijuana use, it does not equate to outright legalization for recreational purposes. The shift in classification would likely result in revised sentencing guidelines and potentially open avenues for expanded medical research into cannabis-derived treatments. The proposal is now in the hands of the White House Office of Management and Budget for review and the finalization of the rule-making process. Despite the positive reception from cannabis advocates and investors, the DEA has yet to officially comment on the recommendation. The Biden administration's move reflects a growing shift in public attitudes towards marijuana, with an increasing number of states legalizing its recreational or medicinal use. By reevaluating federal cannabis policies, the administration aims to align with evolving societal norms and address longstanding disparities in drug enforcement practices. Critics argue that the proposed reclassification does not go far enough in addressing broader issues related to drug policy reform, such as racial disparities in marijuana-related arrests and convictions. Nevertheless, proponents view it as a crucial step towards a more rational and equitable approach to cannabis regulation. Technical Outlook Canopy Growth Corporation ( NASDAQ:CGC ) stock is up 62% as a result of the Biden Administration policy on cannabis taking the stock to an overbought region with a Relative Strength Index (RSI) of 73. Further accentuating to the bullish trend is the long "Bullish Harami" candle stick pattern depicted on the daily price chart.
NASDAQ:CGCLong
by DEXWireNews
1
Germany Greenlights Recreational Cannabis, But With CaveatsGermany's Federal Council has given the green light to a bill legalizing recreational cannabis for personal use, marking a significant shift in drug policy within the European nation. Despite facing criticism and opposition, the legislation, passed by the Bundestag earlier, paves the way for individuals to possess and cultivate cannabis starting April 1, albeit with certain restrictions. While the approval signals a milestone in Germany's approach to cannabis regulation, the journey towards legalization has been far from smooth. Several federal states voiced dissent, with only a handful advocating for a renegotiation of the law. Ultimately, the absence of a majority for an appeal to the mediation committee cleared the path for implementation. Health Minister Karl Lauterbach, a key proponent of the law, emphasized its potential to safeguard the younger generation by curbing consumption and dismantling the black market. The legislation, coupled with increased funding for addiction prevention measures, underscores the government's commitment to public health and education. Under the new law, adults aged 18 and over will be permitted to possess up to 25 grams of cannabis and cultivate up to three plants for personal use. However, strict regulations prohibit smoking in public spaces, including schools and sports facilities, ensuring responsible consumption. Moreover, the legislation introduces the concept of cannabis social clubs, enabling up to 500 members to collectively cultivate and exchange cannabis within defined limits. This initiative aims to foster community engagement while providing a framework for responsible cannabis use. Looking ahead, the government plans to evaluate the law's impact on youth protection within 18 months of implementation. Additionally, discussions are underway to explore the controlled sale of cannabis through pilot programs, mirroring successful initiatives in neighboring countries like Switzerland and the Netherlands.
NASDAQ:CGC
by DEXWireNews
Canopy Growth Poised for German Cannabis Market BoomIn a groundbreaking development for the global cannabis industry, Germany's decision to legalize cannabis marks a significant turning point, paving the way for increased access and growth opportunities. Canopy Growth Corporation (Nasdaq: NASDAQ:CGC ), a leading player in the cannabis sector, stands poised to capitalize on this historic moment, positioning itself for accelerated expansion and market dominance. Germany's Cannabis Legalization: A Game-Changer The German government's approval to recognize cannabis as a non-narcotic represents a monumental shift in policy, signaling broader acceptance and normalization of cannabis consumption. Effective April 1, 2024, adult consumers in Germany will be able to legally access cannabis products without fear of prosecution, a move applauded by industry stakeholders and advocates alike. Canopy Growth's Strategic Advantage For Canopy Growth ( NASDAQ:CGC ), the legalization of cannabis in Germany presents a unique opportunity to bolster its commercial presence and solidify its position as a key player in the German market. Leveraging its diversified portfolio, including the renowned Storz & Bickel vaporizer brand and Canopy Medical's medical cannabis offerings, the company is poised to capture significant market share and drive revenue growth. Storz & Bickel: Leading the Vaporizer Revolution With the legalization of recreational cannabis, Storz & Bickel stands to benefit from increased demand for its premium vaporizer products. As one of the most respected brands in the industry, Storz & Bickel is well-positioned to capitalize on the burgeoning German market, offering consumers the highest quality vaporization devices backed by years of expertise and innovation. Canopy Medical: Meeting Patient Needs For Canopy Medical, Germany's reclassification of cannabis as a non-narcotic represents a major breakthrough in patient access to medical cannabis. With the potential for more patients to explore cannabis as a treatment option, Canopy Growth is committed to delivering high-quality products that meet the diverse needs of patients while driving awareness and education within the medical community. Driving Awareness and Collaboration Beyond product offerings, Canopy Growth ( NASDAQ:CGC ) is dedicated to driving awareness and fostering collaboration within the medical community through educational initiatives and partnerships. By engaging with physicians and patients, the company aims to promote the therapeutic benefits of cannabis and establish itself as a trusted provider of medical cannabis solutions.
NASDAQ:CGCLong
by DEXWireNews
"Canopy Growth Corporation Faces Critical Support Test"Canopy Growth Corporation: Navigating Market Challenges and Strategic Goals Canopy Growth Corporation, a prominent player in the cannabis industry, has been a focal point for investors seeking exposure to the rapidly expanding market for legal marijuana products. As one of the largest cannabis producers globally, Canopy Growth has garnered attention for its ambitious goals and strategic initiatives aimed at capitalizing on the burgeoning demand for cannabis-related products. Founded in 2013, Canopy Growth has quickly risen to prominence, establishing itself as a leader in the cannabis industry through a combination of strategic acquisitions, innovative product development, and global expansion efforts. The company's primary focus is on cultivating, producing, and distributing a diverse range of cannabis products, including dried flower, oils, edibles, and beverages. In recent years, Canopy Growth has achieved several notable milestones, reflecting its commitment to growth and innovation. These achievements include expanding its production capacity, securing distribution agreements with leading retailers, and launching new product lines to meet evolving consumer preferences. However, despite its successes, Canopy Growth has faced challenges in navigating the volatile cannabis market, particularly in the wake of a prolonged distribution bear market that has persisted for the past five years. The company's stock price has experienced significant fluctuations, reflecting the uncertainty surrounding regulatory environments, shifting consumer trends, and competitive pressures within the industry. Recently, Canopy Growth's stock price experienced a sharp retracement, testing critical support levels around $18 per share. With the stock now poised to retest its previous lows at $4 per share, investors are closely monitoring the situation for signs of a potential breakout or breakdown. The recent spike in volume accompanying the bounce from support suggests heightened volatility and the potential for significant price movements in the near term. Bears may attempt to crack support levels, with the possibility of a further downward spiral if volume flows through aggressively enough. In such a scenario, the stock could potentially retest long-term downward support levels around $2 per share. On the other hand, if Canopy Growth manages to break out of its current pennant pattern, investors may view this as an opportunity to enter a position targeting the top of long-term resistance levels. A successful breakout could pave the way for renewed upward momentum, offering potential upside for savvy traders. In conclusion, Canopy Growth Corporation continues to navigate challenges in the cannabis market while pursuing strategic goals aimed at driving long-term growth and profitability. As the company grapples with support levels and potential breakout opportunities, investors should remain vigilant and adaptable, prepared to capitalize on emerging trends and developments in this dynamic industry.
NASDAQ:CGC
by UnknownUnicorn2319099
3
Canopy Growth Announces Effective Date of Share Consolidation Canopy Growth Corporation (NASDAQ:CGC) announced on Wednesday that its board of directors has approved the consolidation of its issued and outstanding common shares based on one post-consolidation common share for every ten pre-consolidation common shares. The consolidation, which was previously approved by shareholders at their annual general and special meeting on Sept. 25, is being implemented to ensure that the company continues to comply with the listing requirements of the Nasdaq Global Select Market, the Ontario-based company said in a press release. Now, the consolidation is subject to approval by the Toronto Stock Exchange (TSX) and is expected to become effective on Friday, Dec.15, with the post-consolidation common shares commencing trading on the TSX and the Nasdaq at market open on Wednesday, Dec. 20, subject to final confirmation from the TSX and the Nasdaq. Technical Analysis NASDAQ:CGC stock may face resistance at the 50-day moving average of $0.6092 and support at the recent low of $0.545. Waiting for a confirmation of a trend reversal before entering or exiting the market would be very crucial.
NASDAQ:CGCLong
by DEXWireNews
Canopy Growth: Ball Drop 🪩Just like the Ball in Times Square every New Year's Eve, the Canopy Growth stock is currently dropping it low. We expect the course to dig deeper into the blue trading area between C$3.49 and C$0.70 until it finishes the grey wave II. After completion, we're expecting the course to rise further North in the longterm. In our alternative scenario, the Canopy Growth stock course might exceed the C$5.55-mark already now, without pushing for further lows below the support line.
TSX:WEED
by MarketIntel
1
$CGCCanopy Growth Corp stock is lower by -10.07% over the last 12 months, and the average rating from Wall Street analysts is a Hold. InvestorsObserver’s proprietary ranking system, gives CGC stock a score of 33 out of a possible 100. That rank is chiefly influenced by a long-term technical score of 12. CGC's rank also includes a short-term technical score of 16. The fundamental score for CGC is 71. In addition to the average rating from Wall Street analysts, CGC stock has a mean target price of $23.14. This means analysts expect the stock to rise 56.12% over the next 12 months. But when we move to the technical side of things, Canopy Growth Corporation has been struggling to break above resistance for quite some time. It’s also sitting in oversold territory so you’d expect price to retest resistance sometime next week. If price is able to break above I have no question in my mind this will be a huge win. Keep this on your watchlist. - Factor Four
NASDAQ:CGCLong
by TheBlankFund
CGC Long - Easy Bounce Back Reversal From Pre Earning FOMO $17+Previous bear resistance is now bull support. Marijuana stocks are just too strong. Ignore the noise and play the charts. Anyone that bought marijuana stocks in the 2018 hype phase post Bitcoin and the crypto boom knows that Tilray was the hype and CGC was the anchor. Retailers don't care about market cap; they only look at price. Tilray is now past $10 and CGC is back to $16. It wasn't long ago that Tilray was just $2.50 and ACB was $0.75 pre reverse stock split. The ACB rampage made us all lot of gains as we bought up call options for every other marijuana stock. In this pullback, we are just putting some of those profits to buy the stock. Aphria is now on NASDAQ to lift all boats.
CLong
by FleurdelisFX
1
CGC Likely To Lose $15 Support#CGC #canopygrowthcorp – Canopy closed last week just above a support level(blue line) that stems back to the price peak of $14.39 seen in November 2016. The most recent test of this level prior to Friday’s close was in November of 2019 which came after CGC lost -73% from a high of $52.74 in April 2019. Price bounced 80% off of support in November 2019 to a high of $25.97 in January of this year before retreating again and falling -40% to current levels. In general, the more times price tests a support level the more likely it is to fail, so the fact that CGC is testing this level again after a recent bounce from it this past November is not a good sign. The recent decline in price over the past two weeks can be attributed to overall equity market weakness due to coronavirus fears which is leading to a slowdown in total global economic activity, as well as CGC’s recent round of layoffs which saw 500 jobs lost with the closure of two facilities, and the shelving of plans for another facility which was in the works. The Price Percent Oscillator below the chart is trending below its midline(0 level) and rolling over which indicates that price has negative momentum. The green PPO line is close to crossing below its purple signal line which is a negative crossover and indication that a further decline in price is likely as negative momentum increases. Based on the current price trend and global market selloff, the probability of CGC losing support at $15 is high which may result in a further -50% decline to sub $10 and back to levels not seen since 2017. Target area is $5-$10 shown in yellow. Seeing as how CGC is the cannabis sector leader by market capitalization we can expect to see price weakness here spill over into the rest of the sector as traders look to CGC for signs of overall sector health.
CShort
by PrepForProfit
CGC Monthly Reversal Candle Setup#CGC -#CGC Canopy Growth Corp has created a bearish reversal pattern on the monthly chart that is similar to an Evening Star Reversal pattern. The current reversal pattern doesn’t fulfill the requirements to be a true Evening Star Reversal due to it not occurring at the top of an uptrend in price, but it could be a signal of downtrend continuation, especially when taking in to account the recent bearishness across all markets over Covid19 fear and the impacts that the virus is having on local economies and the global supply chain. Evening Star Reversals are when a move up in price(candle 1), is followed by a doji/spinning top candle(2) followed by a move down on candle 3 that retraces at least 50% of the first candle in the three candle pattern. This pattern shows traders initially are bullish on candle 1 by pushing price higher, then become indecisive on candle 2 which creates upper and lower wicks of equal length with a monthly close near the monthly open which creates a small candle body. On candle 3 they take price decisively lower and retrace half of the pattern move. While this candle pattern setup is bearish, in needs confirmation on the next candle via a price move below the low made on candle 3. In CGC’s case, a monthly close in March below $18.78 would be pattern confirmation and likely mean more downside for price going forward. The PPO and RSI indicators below the chart are also showing negative price trend and momentum. The PPO is in a negative cross and declining with a fresh PPO line(green) move below the 0 level which indicates a negative trend for price. The RSI is also in a negative cross and declining with the RSI line colored purple and declining below its signal line(white). The RSI is also below the 50 level with a purple shaded background which indicate a negative momentum trend behind price.
CShort
by PrepForProfit
CGC Support TestCanopy Growth Corp is down roughly -15% on the trading week as global fears over Covid19 have finally gripped markets after a month of essentially dismissing the potential negative economic impacts. CGC is currently trading within a parallel channel which began forming in late 2019, with an upper resistance level of $22.50 and a lower support level of $17.80. Yesterday saw traders close price just above the lower support level, or the bottom of the parallel range, which is an important level to watch in Fridays trading. A hold above the lower support line would indicate that bulls are still attempting to keep price in a consolidation range, while a close below the lower support level would indicate that bulls are losing the upper hand and becoming more fearful of Covid19's potential impact on economic activity across all sectors. Given the severity of the market decline this week with indices such as the DOW Jones having its worst 1-day decline in history yesterday, its fastest 10% decline ever, as well as its worst 6-day performance since 1928(just before the Great Depression), its likely that traders will be unwilling to buy the dip in equities and hold stocks over the weekend. Should traders fail to hold CGC above the lower range of the orange channel today, the next likely target is a retest of November 2019's low of $13.81 shown in blue. Both indicators below the chart are showing negative momentum and trend behind price with the PPO in a bearish crossover and now moving below the centerline, as well as the RSI in a decline and also below its centerline as well. Current view is bearish due to the overall fear gripping markets right now and CGC's position within the channel after yesterdays close.
CShort
by PrepForProfit