52.6 F
New York
Saturday, November 28, 2020

Canopy Growth Corp (OTCMKTS:TWMJF) Finding Strong Support in Recent Pullback

Must read

Yum! Brands Inc. (NYSE:YUM) Recent Earnings Shows Major Concern

Yum! Brands Inc. (YUM) shares are trading at lower $106.61 and the avg recommendation for the stock is Moderate Buy, while the current analyst...

Dover Corporation (NYSE:DOV) is Waving the Bear Flag

Dover Corporation (DOV) shares are trading at lower $124.12 and the avg recommendation for the stock is Moderate Buy, while the current analyst price...

BorgWarner Inc. (NYSE:BWA) is Gaining Momentum on Earnings Catalyst

BorgWarner Inc. (BWA) shares are trading at lower $39.11 and the avg recommendation for the stock is Moderate Buy, while the current analyst price...

Taoping Inc. (NASDAQ:TAOP) Stock is Soaring, Here is Why

Taoping Inc. (TAOP) shares are trading at higher $3.31. To add more color to this target, the company’s high over the last year is...

Canopy Growth Corp (OTCMKTS:TWMJF) has been biding its time over recent weeks, tracking in a lateral consolidation in the vicinity of the stock’s 50-day simple moving average during that time. The stock is a clear darling of the Canadian cannabis patch, with nearly a quarter of a billion dollars on the balance sheet in cash against a trivial amount in current liabilities. The fortress is being mobilized, and the company’s momentum is quite possibly ramping up: the company just announced that it has received a cultivation license for the first of its two sites operating under the BC Tweed Joint Venture Inc. banner.

According to the release, “The rapid licensing of the Aldergrove site, the largest federally licensed cannabis site anywhere in the world, continues a pattern of professional execution for the Company as it prepares to meet an unprecedented increase in demand in a few short months once legal adult-use markets commence. The initial licensing covers over 400,000 sq. ft. of growing space, allowing vegetative growth so that the mature plants can be spread into the full 1.3 million sq. ft. in the coming months for flowering and ultimate harvest.”

Canopy Growth Corp (OTCMKTS:TWMJF) is one of the bigger growers in the industry. The company produces and sells medical marijuana in Canada. It offers dry cannabis and oil products primarily under the Tweed and Bedrocan brands. It also sells its products through online.

According to company materials, “Tweed is the most recognized marijuana production brand in the world. It has built a large and loyal following by focusing on quality products and meaningful customer relationships. Tweed doesn’t just sell marijuana, it facilitates a conversation about a product we’ve all heard about but haven’t met intimately yet. It is approachable and friendly, yet reliable and trusted. As marijuana laws liberalize around the world, Tweed will expand its leading Canadian position around the globe.”

Also from their materials, “Bedrocan is the epitome of medical-grade cannabis. Bedrocan BV pioneered medical cannabis in Holland through decades of selection and refinement, leading to standardized, whole bud cannabis strains that patients can rely on. Bedrocan Canada supplies the same standardized strains to the Canadian market through exclusive licensing rights to the American continents, an arrangement it will also enjoy for all future genetic advancements. Due to its consistency over time, Bedrocan’s strains have been used in clinical research in seven European countries. That commitment to research didn’t stay on the east side of the Atlantic – Bedrocan Canada recently launched one of the largest clinical cannabis studies in the world, the EQUAL Study, to evaluate quality of life before and after medical cannabis use.”

Find out when $TWMJF stock reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.

“Our team has made monumental and often historic progress in the retail landscape of every Canadian province to have announced its system to date. We are the only producer in Canada who can make this claim and we will continue to leverage our production platform in order to solidify a truly national presence for our cannabis brands,” said Mark Zekulin, President, Canopy Growth. “A cultivation license for our first BC Tweed site positions us to continue this trend as Canada’s, and indeed the world’s largest, most reliable and most diversified producer and seller of high quality regulated cannabis.”

“As proud native British Columbians and long-time horticulture producers we are excited to continue the proud tradition of BC bud on a national scale,” said Victor Krahn, who runs operations for BC Tweed. “Working with Canopy Growth we’re going to take the Tweed brand to the next level on the West Coast and bring the best our province has to offer to the country and the world.”

Now commanding a market cap of $2.46B, TWMJF has a significant war chest ($238.4M) of cash on the books, which compares with about $1.5M in total current liabilities. TWMJF is pulling in trailing 12-month revenues of $69.8M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 122.5%. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $TWMJF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $TWMJF, either long or short, and we have not been compensated for this article.

Latest article

The Last Few Sessions Have Adial Pharmaceuticals Inc. (ADIL) Soaring

Adial Pharmaceuticals Inc. (ADIL) shares are trading at higher $1.89 and the avg recommendation for the stock is Moderate Buy. To add more color...

Boqii Holding Limited (NYSE:BQ) Stock is Soaring, Here is Why

Boqii Holding Limited (BQ) shares are trading at higher $6.08 and the avg recommendation for the stock is Moderate Buy. To add more color...

CIT Group Inc. (CIT)’s Stock is Jumping, Here is Why

CIT Group Inc. (CIT) shares are trading at lower $34.99 and the avg recommendation for the stock is Moderate Buy, while the current analyst...

Can We Expect More Volatility From Venator Materials PLC (VNTR)?

Venator Materials PLC (VNTR) shares are trading at lower $2.27 and the avg recommendation for the stock is Moderate Buy, while the current analyst...

When Will CyrusOne Inc. (CONE) Slow Down

CyrusOne Inc. (CONE) shares are trading at higher $70.12 and the avg recommendation for the stock is Moderate Buy, while the current analyst price...