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Dually-Listed Cannabis Stock Rallies With Broader Market

AllPennyStocks.com - AllPennyStocks.com - Tue Dec 19, 2023

An Ontario-based cannabis company is feeling the ripple effects of an announcement made during yesterday’s session that it has completed the divestiture of its This Works skincare and wellness brand to Inspirit Capital, a London -based investment firm.

Even though a day late, traders seem to have taken the time to absorb this information, which caused shares of Canopy Growth Corporation (TSX:WEED)(Nasdaq:CGC) to soar on Tuesday. Shares of this dually-listed company hit $0.70/share (+6.06%) at the session high on the Canadian side.

Canopy Growth, headquartered in Smiths Falls, Canada, cultivates and sells medicinal and recreational cannabis, and hemp, through a portfolio of brands that include Tweed, Spectrum Therapeutics, and CraftGrow. Although it primarily operates in Canada, Canopy has distribution and production licenses in more than a dozen countries to drive expansion in global medical cannabis and also holds an option to acquire Acreage Holdings upon U.S. federal cannabis legalization.

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