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Canopy Growth CGC stock Forecast & Analysis

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(@dhtaylor)
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After its recent financial statement release, Canopy Growth CGC stock has moved higher and I wanted to put together the Canopy Growth CGC stock forecast to answer the question: Is Canopy Growth CGC stock a good investment?  Canopy Growth financial numbers saw some increases.  But, Canopy Growth remains eons away from profitability.  Still, despite that, it begs to question if this could also be an opportunity to invest in this cannabis company.  These are ideas I have looked at throughout the CGC Stock Forum & Discussion.

Canopy Growth CGC stock was one of the largest cannabis companies by market capitalization.  They received a $4B cash investment back in 2018 from Constellation Brands. This is where a lot of the hype for the company was driven.  With $4B in cash, a company should grow into something amazing, right?  One would have rationalized that until the cows came home.  As it turned out, Canopy Growth built up a massive company complete with all of the corporate niceties necessary, as well as grow facilities, and even created an investment arm to invest in other cannabis companies.  But, one thing that Canopy Growth has not been able to produce consistently upwardly increasing revenues and the requisite gross margins for profitability.

But, I still wonder: Could this be the turning point of a long journey upwards?

Here is my rationale: Canopy Growth has largely been through the wringer with how horribly it has performed.  Given that, they have learned considerable about what would succeed.  Plus, Canopy Growth still has plenty of cash.  If they continually downsized corporate costs while were able to drive up revenues, maybe there is value here?

Looking at the numbers shows why at this point, CGC stock would be a 'last consideration' as an investment into a company for me.


   
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Might want to keep in eye on this but the latest forecast - Canopy Growth has slashed roughly 800 jobs since March. The Canadian company, one of the highest-valued cannabis companies in the world, announced its third round of layoffs since last month. Canadian cannabis company Canopy Growth quietly announced on Wednesday that 200 jobs have been eliminated in Canada, the United States, and the United Kingdom in the course of restructuring departments.


   
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(@dhtaylor)
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Joined: 3 years ago
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@mattpaul02yahoo-com 

I heard it through the grapevine... and, maybe it was posted up on this message board at one point, but Canopy Growth cannot grow cannabis to save their lives; the reason they acquired Supreme so long ago.  They are the prime example of a money pit.  It's too bad because so many retail investors bought into this dream.  

The stock is getting hit today.  It will drag down so many other better-performing stocks, and that is why I hate this stock so much.  


   
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(@420Joe)
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CGC is now "rapidly" approaching my long term buy target numba at .50. Let's see if I have to revise that target downward like I had to with both ACB and TLRY. Spekkin of TLRY, based on a new n improved n loooower trendlow forming at 1.58 my current low end buy numba of .97 is going to have to be lowered yet again. 😮


   
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(@420Joe)
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Joined: 6 months ago
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6/24/23 Weekend CGC update: CGC hit the .50 target I gave on 6/11/23. It finished at a confirmed short term bottom but not a long term bottom. That means that even if it was to rally from .50 starting on Mon 6/26/23, it would likely come back and take out .50 at sometime in the future. There was no short term buy signal as of yet. I may well play CGC long via longer term .50 strike call options, especially if I can buy the 6/21/23 strike .50 calls for .05 or so per contract. First major resistance is .83-.90. That was set via accelerated selling recently. https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=cgc&x=33&y=15&time=8&startdate=1%2F4%2F1999&enddate=8%2F6%2F2022&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=0&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11


   
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(@Anonymous)
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How did those trades on the .50 confirmed bottom work out?


   
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(@420Joe)
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7/7/23 2:20PM CGC update: The .384 low CGC set last week was only a short term confirmed bottom. It rallied to a target high at .633 off of that low. CGC is now retesting the low with the potential of setting a long term confirmed bottom if it can do it right now. CGC is at .4351..."live!" The 10 day 15 minute chart showing the targets above and below. I may get a chance to buy. But I would only purchase call options to the .50 strike. https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=cgc&x=34&y=13&time=18&startdate=1%2F4%2F1999&enddate=7%2F7%2F2023&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=0&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11


   
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(@420Joe)
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Joined: 6 months ago
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7/22/23 Weekend CGC update: Waiting for the .384 previous low in CGC to get retested proved to be correct. And now there is a new target low to wait for before taking any long position. That new target is .346. CGC closed Fri 7/21/23 trading at .3867, so we shall see if this week is "finally" time to step up to the .50 strike call options. CGC did confirm the upside .633 target high mentioned in my last spew by moving to a confirmed top at .67. The new initial upside target is only at .45. That's still visible on the 10 day 15 minute chart and it occured on Wed 7/19/23. https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=cgc&x=33&y=11&time=18&startdate=1%2F4%2F1999&enddate=8%2F6%2F2022&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=0&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11


   
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