CANOPY GROWTH CORP COM NPV (OTCMKTS:TWMJF) is one marijuana company that is poised to rise if Canada decides to move forward with its laws that would be written during the soon. Now, if you’ve been following our coverage on TWMJF, you could skip the next paragraph.
If you have not been a reader, or have not heard of Canopy Growth, you should know what the company does. Canopy Growth is headquartered in Smith Falls, Ontario and is one of the world’s leading diversified cannabis companies. Canopy Growth Corp currently has over 500M square feet of indoor and greenhouse production capacity. Canopy has multiple brands in its product line, which includes Bedrocan, Mettrum and Tweed. Tweed is one of the most recognized cannabis production brands in the world.
Since CANOPY GROWTH CORP COM NPV (OTCMKTS:TWMJF) is headquartered in Canada, it could benefit from Canada’s laws on cannabis. According to a report from CBC News, Canadians may be free to smoke starting some time in the summer of 2018. Now, the Liberal government is expected to announce legislation soon, and it would follow the recommendation of a federally-appointed task force. Now, there are some restrictions to this.
Canadian provinces would control sales, which means the federal government would make sure its supply of cannabis is safe and secure. Additionally, Ottawa would license producers. With this law set to pass next year, Canopy Growth could benefit significantly from this. However, it’s not open season for cannabis sales just yet. Trudeau indicated the current marijuana laws still apply, since there is not a real framework to control the sales and regulate cannabis.
In other news, according to New Frontier Data, the projected adult use in states in which cannabis is legal could generate over $650M in taxes on retail sales. Now, this is only considering states in the U.S. However, Canada’s law would be for the entire country, which could spur growth in the industry and generate higher tax revenues for the country. This may spark a wave of states and other countries to potentially legalize cannabis, which would drive Canopy Growth’s revenues and earnings.
In company news, Canopy Growth Corp. also announced it entered into an agreement to acquire rTrees Producers Limited, a late-stage ACMPR applicant based in Yorkton, Saskatchewan.
According to Canopy Growth Chairman and CEO Bruce Linton, “Finding the right opportunity to expand our footprint to Western Canada has been an important priority for our team. We are proud to bring the Tweed reputation for high quality cannabis and engaging customer care to Western Canada, partnering with some of the early pioneers in Canada’s legal medical cannabis system.”
Canopy Growth also recently announced that it launched sales of an range of top-tier seeds, which would be sold under its HomeGrow Collection brand. The top-tier seed collection consists of 10 cannabis varieties, which include CBD to low and high THC options.
According to Canopy Growth President, “Our goal is to offer a wide selection of cannabis products in a variety of formats, from dried bud and blends, to oils… We know there is demand for high-quality cannabis seeds and we have long supported the patient’s individual right to grow their own medicine so this is a special day for our company.”
With the recent developments in the industry and TWMJF, you might not want to miss a beat on the stock. Now, it’s hard to keep track of news and filter the “real news” from the “fake news”. However, it’s easy to stay up to date on TWMJF. All you have to do is sign up to our free newsletter, and we’ll provide you with developments and news, if any, in TWMJF.