Shares of Canopy Growth Corporation (CGC) gained over 13% yesterday and are up more than 2% during the pre-market trading session today after the company announced that it has hired Christelle Gedeon, Ph.D., as the company’s new Chief Legal Officer.
Based in Canada, Canopy Growth is a leading diversified cannabis, hemp, and cannabis device company. It engages in the production and sale of cannabis and hemp-based products for recreational and medical purposes, primarily in Canada, the United States, and Germany.
More About Christelle Gedeon
Gedeon is a commercial lawyer and brings with her over a decade of legal and strategic experience with demonstrated cannabis and commercial expertise.
Taking up the new role effective immediately, Gedeon served as the Chief Legal Officer and Corporate Secretary for The Metals Company before joining Canopy.
Moreover, Gedeon was key to the reverse merger between Aphria and Tilray (TLRY) in her tenure as the Chief Legal Officer and Corporate Secretary of Aphria in 2021.
Canopy Growth CEO David Klein commented, “Christelle is a proven leader in the legal and cannabis industries, and we are excited to have her join Canopy Growth as we continue to build the leading brand-driven cannabis company in North America.”
Wall Street’s Take on CGC
The Wall Street community has a Moderate Sell consensus rating based on one Buy, five Holds and seven Sells. The average CGC price target of $4.19 implies 45.99% upside potential to current levels.
Investors Weigh in on Canopy Growth
Interestingly, TipRanks’ Stock Investors tool shows that investors currently have a Positive stance on Canopy Growth, with 0.9% of investors increasing their exposure to CGC stock over the past 30 days.
Conclusion
Shares of Canopy Growth are down more than 85% over the past year. However, the stock price seems to have bottomed out.
The path to recovery looks set, with shares up 6% over the past 30 days, supported by strong momentum regarding prospects of international legalization of cannabis.
The appointment of Christelle Gedeon is another reason to cheer, as her commercial and legal acumen is expected to boost the company’s financial turnaround initiatives as well as enhance the company’s strategy to be the leader in the North American cannabis market.
