Canopy Growth Corp (WEED)

[Bonno]

Bonno
June 15, 2022
Today's top story: Medical cannabis research grower's Nasdaq listing raises questions about market viability. Photo: Marco Jimenez, Unsplash
It’s been a roller-coaster ride for cannabis cultivator Bright Green Corp.

The company soared to a market value of $9 billion shortly after making history last month as the first U.S. plant-touching marijuana business to trade on the Nasdaq exchange.

Investors were wooed by the idea that the company would be the first publicly traded, federally legal American marijuana business, one on the cusp of winning final approval by the U.S. Drug Enforcement Administration to produce cannabis for medical research.

But, since then, the stock has fallen back to Earth, plunging from a high of $58 a share to its current level of around $2.50.

That still represents a $400 million market value for a company that has yet to generate a single dollar of sales and needs capital to build its facilities in New Mexico.

Furthermore, there are questions about how much revenue can be generated by growing and selling cannabis for medical research.

Legal Canadian & American cannabis is DOOMED folks.