Is Canopy Growth Stock a Buy?

1 min read

Canopy Growth (NASDAQ: CGC) is one of the top pot companies in Canada, and its stock has been soaring of late, currently trading around its 52-week high. It’s historically been one of the safer and better-performing cannabis investments, and in the past year, its 45% returns have dwarfed the Horizons Marijuana Life Sciences ETF and its 21% gains.

But it hasn’t been a smooth ride for the company. It is in the midst of a transition year and is cutting costs to improve its financials, as investors have been wary of investing in a business that continues to report loss after loss amid minimal sales growth. Is Canopy Growth worth taking a chance on given the recent bullishness in the sector and the changes it’s been making of late, or is its valuation simply too rich? Let’s take a closer look and find out.

Image source: Getty Images.

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