CGC Stock Price Up 7% On Growing Support for Marijuana Legalization

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by Ian Cooper

Canopy Growth (CGC) is seeing higher highs on growing U.S. support for legalization, and potential reform. “We are committed to working together to put forward and advance comprehensive cannabis reform legislation that will not only turn the page on this sad chapter in American history, but also undo the devastating consequences of these discriminatory policies,” said Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ), as quoted by Marijuana Moment.

DraftKings Inc (DKNG) just broke above consolidation thanks to bullish analysts. Analysts at the Benchmark Company raised their price target to $66 from $60.

“DKNG is expected to release F4Q20 results on Friday, Feb. 26th. We anticipate DKNG will deliver strong performance and raise its financial outlook. The online sports betting and online casino markets have demonstrated remarkable growth. Regulatory momentum has been extremely encouraging and we anticipate revenue step up catalysts from ongoing state legalization. DKNG should extend market share leadership from brand awareness and player acquisition investments,” they noted.

Churchill Capital Corp. IV (CCIV) is gaining momentum, adding $6.94 the other day. All on speculation it will take Lucid Motors public. In fact, Bloomberg had initially reported the SPAC stock was reportedly in talks to take Lucid public in a deal worth up to $15 billion.

GW Pharmaceuticals (GWPH) is up 48% to nearly $217 after Jazz Pharmaceuticals said it would acquire the company in a $7.2 billion cash and stock deal. All to strengthen its neuroscience business with GWPH’s cannabis-based epilepsy treatment. “The deal will allow Jazz to move beyond treatments for sleep disorders and cancer by adding GW Pharma’s Epidolex, which brought in sales of $132 million in the latest reported quarter,” as reported by CNBC.

Cassava Sciences Inc. (SAVA) soared on promising results from an interim study of its lead investigational drug, sumifilam, for the treatment of Alzheimer’s disease.

“We could not be more pleased with these interim results,” said Cassava CEO Remi Barbier, as quoted in a company press release. “We would have been satisfied to show simufilam stabilizes cognition in patients over 6 months. An improvement in cognition and behavior tells us this drug candidate has potential to provide lasting treatment effects for people living with Alzheimer’s disease. It’s an exciting development.”

At the time of this writing, Ian Cooper did not hold a position in any stocks mentioned.

Author: Ian CooperOver the last 20 years, he’s taught thousands of investors how to trade news flow and herd mentality using a unique blend of technical and fundamental analysis. He was among the few analysts to spot the financial crisis of 2008, the top of subprime and Alt-A, the death of Lehman Brothers, Bear Stearns, and New Century Financial, and even the Dow’s collapse to 6,500, as well as its recovery. He even called for gold to rally well above $1.500 when it traded under $600. He's a firm believer that hard work and thorough research will lead to investment success.