BofA Analyst: Canopy Poised For Growth As Democrats Hope For Marijuana LegalizationPosted by On


As the 2020 election heats up, Smith Falls, Ontario-based Canopy Growth Corp. (TSX: WEED)(NYSE: CGC) is hustling to gai additional U.S. market access, according to a Bank of America Global Research analysis.

The year-long process to acquire New York-based Acreage Holdings, Inc. (CSE: ACRG.U) (OTCQX: ACRHF) is giving results, as the cannabis companies agreed to introduce the Tweed brand in several U.S. states.

Moreover, Canopy inked a loan financing deal worth CA$80.5 million ($58.59 million) with TerrAscend Corp.’s (OTCQX: TRSSF) subsidiary, earlier this year. In addition, it strengthened its presence in the U.S. by the launch of its new e-commerce website — ShopCanopy.com. 

Post-Election Outlook

BofA analysts Bryan Spillane and Lisa Lewandowski wrote in a Monday note that cannabis legalization would be the “major political issue,” following the U.S. presidential election between President Donald Trump and Former Vice President Joe Biden.

“We…

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