This U.S. Cannabis Company Is What Replaced Canopy Growth in My Portfolio
Deciding when to buy or sell stocks can be a difficult decision for some investors. This has likely been the case for those investing in the cannabis market, where three years ago the projected future leaders may not have lived up to their full potential, and over the course of time, alternative selections look like better long-term plays.
In 2018, Canada launched legalized recreational cannabis sales. The hype leading up to and just after the launch sent stocks like Canopy Growth (NASDAQ: CGC) skyward toward $50 per share. Since then, inventories have built up, profits did not live up, and stock prices sank. Now, recreational-use cannabis is legal in 19 states in the U.S., and multi-state operators are generating record quarterly revenue supporting positive income on the balance sheet. Could this mean it's time to switch your cannabis investments in Canadian companies over to U.S. companies?
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Source Fool.com
