When it comes to cannabis stocks, there are few that have as much attention out there as Canopy Growth (TSX:WEED). Canopy Growth managed to take hold of the Canadian market leading up to legalization. However, it was the company’s potential to take over United States cannabis market that proved the most intriguing.
But it didn’t turn out that way
The problem? Things didn’t turn out as planned. Canopy Growth put far too much money into research and development, hinging on U.S. legalization. That still hasn’t happened and likely won’t until all the states in the U.S. legalize the product for medicinal and recreational use.
And with the company bleeding out cash, it still has yet to achieve a profit. Shares continue to slide even lately, as Canopy Growth stock announced a US$30 million private placement of 6.99 million units at US$4.29 each. This led to a 9% slide in share price.
While the company has made moves to bring in…
