Why Canopy Growth Stock Is Glowing Green Today
Canopy Growth (NASDAQ: CGC) stock is marching higher Tuesday morning. As of 10:06 a.m. ET, the cannabis giant's stock is up by a healthy 22% on unusually high volume.
What's sparking this rally? Ahead of the opening bell, Canopy announced that it will create a U.S.-based holding company called Canopy USA to complete the proposed acquisitions of the multi-state operator (MSO) Acreage Holdings, the Colorado-based edibles company Wana, and the California-based cannabis extraction company Jetty. This move will reportedly accelerate Canopy's long-planned move into the high-value U.S. cannabis market.
Image source: Getty Images.
Source Fool.com
