Shopify, Inc (SHOP) May Have a Cannabis Catalyst

NYSE: SHOP | Shopify Inc. Class A Subordinate Voting Shares News, Ratings, and Charts

SHOP – The Canadian e-commerce company could become a major marijuana stock.

Shopify, Inc (NYSE:SHOPmay benefit greatly from Canada’s legalization of recreational marijuana usage on October 17th.

Shopify is a Canadian e-commerce company that helps small businesses and partners with digital payments, marketing, and shipping. It has already signed deals with major cannabis producers and retailers, and it is likely that Canada’s legalization of the substance will pave the way for the platform to distribute it widely.

Investor’s Business Daily provides a quote from Capital Markets analyst Monika Garg:

“Shopify has been selected by several Canadian provinces, including Ontario and British Columbia, to run their e-commerce websites and in-store point of sale solutions,” Garg said. “Shopify has also signed deals with the largest private cannabis producers and distributors, including Canopy Growth and Aurora. We estimate that cannabis sales in Canada could top $10 billion in (gross merchandise volume) annually.”

Shopify has showcased its progressive mindset with the release a new augmented reality app for iPhones and iPads on Tuesday with tools to make purchases more realistic and life-like for consumers.

Shopify,Inc shares fell $0.10 (-0.06%) in after-hours trading Wednesday. Year-to-date, SHOP has gained 62.97%, versus a 10.06% rise in the benchmark S&P 500 index during the same period.

SHOP currently has a POWR Rating of B (Buy), and is ranked #5 of 34 stocks in the Internet – Services category.

SHOP at a Glance

SHOP Current POWR Rating™
Overall POWR Rating™
SHOP Current Price $178.19 0.95%
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SHOP Price Reaction

The day of this event (Sep. 19, 2018)
SHOP Closing Price$164.60 1.43%
SHOP Volume1,637,700
15.69% from avg
Leading up to this event
SHOP 1-mo returnN/A%
After this event
SHOP 1-day return2.93%
SHOP 3-day return0.06%
SHOP 5-day return0.17%

SHOP Price Chart

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