In just over a week, the Canadian government will legalize recreational cannabis. And while that's garnering a lot of media attention, there are other things worth celebrating in the industry. For instance, there's likely going to be an Aurora Cannabis NYSE listing at the end of the month. Even then, that's not the most exciting piece of cannabis news that surfaced this week. No, that's the news of Canopy Growth (TSX:WEED) and how the company just successfully exported cannabis products to a US partner.
Canopy Growth Exports to the United States
So far in 2018, Canopy Growth has received mixed reactions from the market. At first, the Canadian cannabis grower was flying high after its $4 billion investment from Constellation Brands. Then things changed. People started questioning whether the Canopy Growth Constellation Brands partnership was worthwhile.
But the Smith Falls, Ontario-based company seems to be proving the critics wrong. On Tuesday, October 9th, Canopy Growth disclosed that it had completed a legal transfer of cannabis-based products to one of its research partners in the United States.
https://twitter.com/CanopyGrowth/status/1049627031439212545
"The United States presents a unique market opportunity," said CEO Mark Zekulin. He added that by working in the market "through federally legal means and with the right partners," Canopy Growth "can create a US-based center of expertise."
>> UK to Reschedule Medical Cannabis
When Zekulin talks about creating a US-based center of expertise, the Chief Executive Officer is talking about the possibility of building a Canopy Growth center of expertise for cannabis research. I can imagine there will also be research conducted on cannabinoids if such a center is built.
The WEED Share Price
According to Yahoo Finance, as of 1:29 p.m. EDT, WEED is trading at $64.00, which puts the stock up 4.08%.
The Takeaway
What do you think of today's Canopy Growth news? Do you think it beats the news of Aurora Cannabis (TSX:ACB) listing on the NYSE? Let us know what you think in the comments below!
Featured Image: Depositphotos/© Nomadsoul1
