Earlier today, Canopy Growth Corporation (NASDAQ:CGC) (TSE:WEED), a global cannabis company, announced the addition of seven new products to its portfolio. These new offerings come from the Hiway, 7ACRES Craft Collective, Doja, and Tweed brands.
Hiway presents the Cones unrolled joint kits, tailored for the DIY consumer. The kits include Slow Lane Indica and Fast Lane Sativa and come with everything necessary for crafting a joint. Meanwhile, the 7ACRES Craft Collective brand introduced two limited-edition SKUs — the Do-Si-God OG flower and the Grand Master Funk flower.
The Doja brand introduced a premium product called OG Deluxe Top Colas, and Tweed further expanded its line with Deep Breath and Kush Mints pre-rolled joints.
Dave Paterson, President, Canada, Canopy Growth, noted, “These new products reflect our commitment to our post-harvest activities ensuring that top-quality cannabis makes it into the hands of our consumers.” These offerings are available in select regions. However, like any new products in the cannabis industry, only time will tell how well they will be received by consumers and if these releases will be enough to stop the stock’s downtrend.
Is Canopy Growth Stock a Buy, According to Analysts?
According to analysts, Canopy Growth stock comes in as a Moderate Sell based on two Holds and three Sells assigned in the past three months. Still, the average Canopy Growth stock price target of C$1.10 implies 37.1% upside potential.
If you’re wondering which analyst you should follow if you want to buy and sell Canopy Growth stock, the most accurate analyst covering the stock (on a one-year timeframe) is John Zamparo of CIBC, with an average return of 22.15% per rating and a 64% success rate. Click on the image below to learn more.
