Canopy Growth, Corp (NYSE:CGC) is 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.