CGC Stock Forecast
There are few companies that I’m as high on as Canopy Growth Corp (NYSE:CGC). The CGC stock forecast, despite the stock having a run of poor performances of late, still has among the highest potential for long-term gains in the marijuana stock market.
As a result of the recent pullback, CGC stock has lost much of the gains it made in 2018, but it is still up about 10% on the year. That’s a good bit lower than the 25% it was up a few months ago, but, considering how poorly many of its competitors have fared over that same period, being up 10% certainly isn’t bad.
And the company has registered some strong days during this recent correction, like Friday morning, when the stock price jumped by four-percent.
But that doesn’t change the fact that recent months have been tough for Canopy Growth stock. So, what does the CGC stock forecast look like in the long term? And, more importantly, when will the company return to form?
Chart courtesy of StockCharts.com
The first question is easy enough to answer: it looks great.
Canopy Growth stock is one of the most well-balanced companies in the legal cannabis industry. With a good mix of Canadian marijuana supply contracts and international operations ready to bear the heavy lifting when the hype surrounding Canada wears off, CGC stock is well positioned for the future of the marijuana industry.
This year alone, Canopy has spread its business to South America (Columbia, primarily) and Germany, two very exciting and lucrative markets.
This global focus has me excited for the future of CGC stock. Now the company’s current trajectory is harder to predict.
There is going to be a lot of ebb and flow in the stock market as we approach the Canadian marijuana legalization date.
In turns, hype and corrections will overcome the market, leading to massive jumps followed by pullbacks that will likely wipe out most of those gains.
As we near the Canadian legalization date, I expect to see a bigger and more consistent trend upward.
While I doubt the upward trend will last long before another correction takes place, I believe that investors will settle into more predictable patterns of behavior by the end of 2018. CGC stock should register steady gains by then.
Of course, all this is contingent on the Canadian marijuana legalization process and how smoothly it goes. Should numbers come back that dramatically underperform, expect to see that reflected in the CGC stock price.
I’m still very bullish on the Canopy Growth stock forecast, despite the company’s recent troubles.
After all, 2018 started out poorly for CGC stock, only for the company to recover faster and more significantly than its competitors.
The CGC stock forecast is bright and, in the long term, few other marijuana stocks have me as excited.