CNBC’s Jim Cramer says Canadian pot stock Canopy Growth (CGC) is a buy

: CGC | Canopy Growth Corporation Common Stock News, Ratings, and Charts

CGC – Jim Cramer is dropping his previous caution and telling investors to buy Canopy.

Canopy Growth, Corp (NYSE:CGCis at a perfect time for purchase, according to CNBC’s Jim Cramer.

Cramer said the stock is done going done after last week’s high, asserting that is “time to buy.” Cramer previously warned it was too early to buy the stock as recently as last Wednesday, the day Canada legalized recreational marijuana usage.

CNBC provides details:

With this latest investment and execution of some warrants, Constellation saidits stake in Canopy will become 38 percent. The Corona and Modelo maker also received an opportunity over the next three years to buy up to 139.7 million in new Canopy shares, which represents up to $5 billion in additional funding. If Constellation utilizes those warrants, it could raise its total stake in Canopy to more than 50 percent.

Canopy has gained more than 400% in the last twelve months as Wall Street shows extreme enthusiasm over the new recreational marijuana industry.

Canopy Growth, Corp shares fell $0.05 (-0.11%) in after-hours trading Friday. Year-to-date, CGC has gained 98.04%, versus a 4.87% rise in the benchmark S&P 500 index during the same period.

CGC currently has a POWR Rating of B (Buy), and is ranked #16 of 201 stocks in the Medical – Pharmaceuticals category.

CGC at a Glance

CGC Current POWR Rating™
Overall POWR Rating™
CGC Current Price $45.89 0.81%
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CGC Price Reaction

The day of this event (Oct. 19, 2018)
CGC Closing Price$46.85 4.21%
CGC Volume17,448,700
299.92% from avg
Leading up to this event
CGC 1-mo return0.89%
After this event
CGC 1-day return17.57%
CGC 3-day return29.53%
CGC 5-day return26.38%

CGC Price Chart

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