The cannabis company is rebounding faster than its competitors
There will always be growing pains in any business, especially for an industry that walks a thin line when it comes to the legal market. Even though the cannabis industry seems to be recovering from last year’s disaster and new deals are announced, some other companies had to make tougher decisions in order to reorganize the house. Cutting the workforce is something that is never taken well by investors and this caused a fall in the cannabis stock price for most, except for Canopy Growth Inc.
Canopy Growth is off to a good start this year, which is understandable, given the fact that it started the year strong announcing partnerships and leasing deals. This week alone, Canopy Growth announced its Concession 5 Vineyard to Niagara College to be run by the NC Learning Enterprise Corporation (NCLEC). This is something the company was looking forward to doing since the land was purchased last May, and the deal will allow this college to run educational and production operations in a sustainable matter. Canopy Growth saw immediate good results after this announcement, as its stock price increased by 7% by the end of yesterday and is currently trading at $20.36 in New York.
“Ensuring the vineyard continued to operate in a sustainable manner was very important to Canopy Growth as well as the community of Niagara-on-the-Lake,” said Canopy Growth’s Jeff Ryan. “This partnership maintains the historical use of the property, and we could not be more satisfied that it will become a hub for learning to be enjoyed by Niagara College’s students for decades to come.” This is an exciting week for Canopy since, by the end of this week before the market opens, the numbers for the third-quarter earnings will be released.