News Americas, MIAMI, FL, Fri. Mar. 16, 2018: A Canadian marijuana company with a foot into the Caribbean weed market has seen its stock continue to push steadily upwards.
Canopy Growth, then Tweed Marijuana Inc., was founded by Bruce Linton of Ontario. It saw its stock move2.63 percent this week, to close Thursday at $31.21. In the last year, the company’s share price has gained 372.64 percent from its 52-week low. The company’s shares are currently trading above their 200-day moving average. The stock’s 50-day moving average of $29.55 is greater than its 200-day moving average of $21.39. Shares of Canopy Growth have gained approximately 4.57 percent year-to-date.
Canopy is a medical marijuana company based in Smiths Falls, Ontario. It is the first federally regulated, publicly traded cannabis producer in North America, traded on the Toronto Stock Exchange as WEED. Since marijuana is currently legal in Canada only for medical purposes, growers such as CGC are licensed by Health Canada under the Access to Cannabis for Medical Purposes Regulations (ACMPR). A multi-licensed, geographically diverse marijuana producer, the company was described as “one of the world’s — and Canada’s first — premier exporters of marijuana.”
It has a deal with Dutch producer Bedrocan to sell its marijuana strains in the Caribbean and South America. Canopy Growth teamed up with Jamaican partners in October of this year to form Tweed Limited JA to supply medical cannabis in the country.
Canopy Growth is worth more than a billion dollars.