Why Canopy Growth Stock Popped on Monday
Canopy Growth (NASDAQ: CGC) stock inched 3.2% higher through 10:35 a.m. ET Monday after marijuana news source Marijuana Moment reported on a new positive development for the (legalized) marijuana industry:
According to cannabis telehealth platform NuggMD, most Americans now prefer to buy their weed from legal sources.
There are caveats to this conclusion. As Marijuana Moment describes, NuggMD's survey focused on buyers in states that have legalized marijuana at the state level. Even in these states, not all purchases are from sellers legally licensed to sell marijuana. Still, about 77% of buyers surveyed said they get all or most of their marijuana from such businesses -- which are the very ones that Canopy Growth would be selling through.
Source Fool.com
