Widely viewed as an update to Jim Cramer’s July 24th opinions on pot stocks, last night’s episode of CNBC’s Mad Money, left one cannabis stock with a bearish outlook. With thousands of viewers tuning in to watch, we that believe Cramer’s opinions can tend to be market-moving (even if they’re wrong).
In the lightening round segment of the show, Cramer gave his opinions on four widely known stocks. While three of the stocks he mentioned have nothing to do with the marijuana industry, Canopy Growth Corp. (NYSE:CGC) (TSX:WEED) is very much a pot stock with over 2.4 million square feet of cannabis production capacity.
Cramer Thinks Canopy Needs a Catalyst
As Seeking Alpha Editor Mohit Manghnani reported, Cramer thinks that Canopy Growth “went up on the Canadian vote to legalize recreational marijuana. Now that the vote is done, the stock will be under pressure till they come out with beverages, candies, food and chewing gum. Once that happens, the stock will move again.”
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