Canada’s leading cannabis company, Canopy Growth, said it would decline entrance into the US market until a federal pathway became clear. Now, with the passage of the new US farm bill in December, the company is ready to rip.
Canopy Growth has been approved for a license by New York state to process and grow the O’Doul’s beer of ganj: non-THC-laced cannabis you might know as hemp.
Depending on board approval, CNBC reports, Canopy plans to invest between $100m and $150m into its New York operations.
Consumers are stoked on CBD, a non-psychoactive compound found in hemp plants thought to help with anxiety, sleep disorders, inflammation, night-blindness, all the stuff.
And, according to recent reports, the CBD market is estimated to explode to a $2.1B industry by 2020 (a 700% increase from 2016).
With hemp on the verge of being struck from the controlled substances list, Canopy wants to source hemp exclusively from American farmers for its US operations.
After growing a respective 14% in 2018, a mere 2 weeks into 2019 has seen Canopy’s stock soar suuuper hiiiiigh at 58% — 11% alone after the NY announcement was made.
Canopy’s highly successful inferiors are also havin’ a chill time in the new year: Tilray, Aurora Cannabis, and Cronos have seen their shares rise 42%, 36.7%, and 32.4%, respectively.