Cannabis stock traded broadly higher Wednesday, after ecommerce behemoth Amazon.com Inc. effectively endorsed the sector by saying it will support the federal legalization of marijuana.
Canopy Growth Corp.’s stock CGC, +4.69% WEED, +4.02% hiked up 4.3%. The rally comes a day after it dropped 6.9% in the wake of fiscal fourth-quarter results, in which the Canada-based company reported a wider-than-expected loss and revenue that rose less than forecast. “We hope that other employers will join us, and that policymakers will act swiftly to pass this law,” Clark wrote.
The Cannabis ETF has dropped 15.6% over the past three months, but was still up 42.4% year to date, while the S&P 500 index SPX, +0.05% has advanced 11.9% this year.MKM Partners analyst Bill Kirk said what was “particularly disappointing” about Canopy’s results was that adjusted gross margin fell to 14% from 26% in the sequential third quarter, and from 42% a year ago.
The only reason their pushing cannabis now is because their precious little market games are in jeopardy. Retail knows what you guys have been up to - naked shorts, synthetic shares, Failure to Delivers. Over leveraged to the tits $GME 💎🙌
It will make working in an Amazon warehouse more bearable at least.
A difference is that alcohol leads to millions of cases of death and domestic violence yearly. Weed does not POTUS KamalaHarris
Imagine the incoming orders now
. Amazon, GOOD IDEA!!... . ‘Progressive & SMART’. .
One day shipping for pot heads from amazon pharmacy (near future). Lol. Amazon playing chess not checkers.
IOW, amazon wants to be a major retailer on a nationwide basis. $$ talks, BS walks.
$CRLBF $VRNOF LFG!!!!