With More States Voting to Legalize Marijuana, Is Canopy Growth Stock a Buy?
With the citizens of Ohio voting by ballot initiative on Nov. 7 to legalize recreational marijuana use for adults, there will soon be yet another state cannabis market opening in the U.S. Marijuana stocks, including Canopy Growth, (NASDAQ: CGC) rose on this encouraging news. Industry experts see the Ohio market being worth as much as $4 billion within the next few years.
But how does that contribute to or change the investing thesis for Canopy Growth? Does it make this stock worth considering more closely now?
As you may know, Canopy is a Canadian marijuana cultivator with big (and somewhat confusing) plans for the U.S. market. Long story short, its management didn't want to wait any longer for the country to legalize cannabis at the federal level before starting to compete. So last October it adapted its existing plans to acquire a trio of cannabis companies upon federal legalization using a workaround.
Source Fool.com
