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Canopy Growth Corp: What’s the Latest News for this Pot Stock?

Canopy Growth Corp: What's the Latest News for this Pot Stock?Canopy Growth Corp (NYSE: CGC) (TSX: WEED), formerly known as Tweed Marijuana Inc, is a Canada based hemp stock listed in the New York Stock exchange and the Toronto Stock Exchange. This cannabis stock gained over 6% by the end of trading hours on Tuesday. Canopy Growth is the largest marijuana company in the world with a market cap of CA$8.9 billion. Canopy stock is recovery after the price drop in mid-March, owing to the COVID crisis coupled with a variety of fundamental issues plaguing the sector. What’s the latest news for this pot stock?

Canopy Growth’s new product launch

In a press release on June 16, 2020, Canopy Growth announced the launch of a new cannabis-based beverage called Deep Space. It seems that the sudden bump in this marijuana stock price on Tuesday could be the result of the new launch.

The fully flavored cannabis beverage contains 10 mg of THC (Tetrahydrocannabinol) – the key ingredient that produces psychoactive effects in marijuana. The product- Deep Space comes in a 222 ml aluminum can and can be consumed directly. Deep Space is available for order through certain online e-commerce platforms as well as the Tweed and Tokyo Smoke retail outlets.

Canopy Growth CFO joins Canopy Rivers Board of Directors

Canopy Growth Corp: What's the Latest News for this Pot Stock?

The Canadian cannabis company’s Chief Financial Officer, Mike Lee, is reported to join the Board of Directors for Canopy Rivers Inc, according to a release dated June 15, 2020. In a statement made by John Bell – the Chairperson of Canopy Rivers Board, Mike lee’s addition will “benefit both of our companies, as well as our portfolio companies, as we exchange industry insights and further leverage the guidance and expertise of the largest cannabis company in the world.”

The presence of the Canopy Growth’s CFO on the board dramatically increases the chance to spot emerging market opportunities in research as well as the launch of new cannabis-based products.

Mike Lee commented that “ I’m very pleased to join the Canopy Rivers Board as they continue building a diverse portfolio of cannabis investments. As we at Canopy Growth increase our focus on core markets and core products, there is a renewed need for an aggressive venture arm focused on identifying the next big opportunities in the global cannabis industry,”.

Canopy Rivers is a venture capital firm scouting for potential investments in the Cannabis sector. It is listed in the Toronto Stock Exchange under the symbol RIV and is currently quoting at CA$1.15 with a market cap of $221 million.

Canopy Growth Corp: What’s the Latest News for this Pot Stock?

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