Pixabay / Lalmch / CC0 Public Domain
Shares of Canopy Growth Corp. (TSX:WEED) have dropped by over $6 a share, or 47.5%, since the middle of February. Although the loss in value doesn’t appear to be slowing down, at some point, Canopy will find a new equilibrium.
The problem with companies like Canopy is that investing in them is investing for the future, not for today. Canopy has a market cap of a little over $1 billion and yet, last quarter, it only brought in $10 million in revenue.
Colorado’s legal recreational cannabis sales commenced in 2014, but not every municipality chose to embrace the retail market, so a Colorado Springs retail cannabis market has yet to materialize; however, some citizens are looking to change that.
While the Golden State is preparing for the rollout of recreational legalization, it’s already having to address the issue of a California cannabis surplus.
On July 27, 2017, Hightimes Holding Corp., the company behind High Times magazine, announced a merger agreement with Origo Acquisition Corporation (NASDAQ:OACQ), a special purpose acquisition company, as a means of making High Times a publicly traded company.
