Is Canopy Growth’s Stock About to Double?

Cannabis stocks had a disastrous performance in 2019. The Horizons Marijuana Life Sciences ETF -- which holds many of the top pot stocks on the market -- slid by 39% last year. Several issues were responsible for marijuana companies laying a collective egg, including company-specific scandals, the difficult retail cannabis environment in Canada, and poor financial results. However, 2020 could be a very different year, and pot companies are looking to get back in the good graces of investors.

One company that has already managed to woo the market back this year is Canopy Growth (NYSE: CGC). The Ontario-based company released its earnings report for the third quarter of its fiscal year 2020 on Feb. 14, and Canopy's financial results were strong enough to send its shares soaring by as much as 14%. On the heels of its strong performance in the third quarter, it is worth wondering whether Canopy's shares can double from their current levels ($20.30 per share), or even get back to their early 2019 high of about $52 per share.

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Source Fool.com