Shares of Canopy Growth Corp (CGC) jumped Thursday after the company announced a partnership with television personality and lifestyle guru Martha Stewart. In the partnership, Stewart will use her knowledge of consumer goods to assist in development of a new line of CBD-based health products for both humans and animals.
Sequential Brands Group (SQBG) stock also rose on the news, although it was not immediately clear if the company that controls several of Stewart’s brands is involved in the deal.
Stewart has worked along-side rapper and marijuana-connoisseur, Snoop Dogg, in two seasons of a cooking show. Snoop Dogg also has a licensing agreement with Canopy Growth to sell medical marijuana called ‘Leafs by Snoop’.
What’s Happening with CGC Stock Today
Canopy Growth Corp (CGC) stock is trading at $47.87 as of 12:47 PM on Thursday, Feb 28, a rise of $2.12, or 4.63% from the previous closing price of $45.75. CGC stock has traded between $46.74 and $47.99 so far today. Volume today is less active than usual. So far 6,413,711 shares have traded compared to average volume of 10,917,576 shares.
Meanwhile, the major indices are mixed. The NASDAQ has gained 0.05%. The S&P 500 is unmoved 0%. The Dow Jones Industrial Average is lower by -0.11%.
Stock Score Report, InvestorsObserver’s proprietary scoring system, gives CGC stock a score of 66 out of a possible 100. That score is based on three component scores. A fundamental score of 20, a long-term technical score of 93 and a short-term technical score of 84. Our proprietary system combines short and long-term technical factors, Wall Street’s opinion, and other fundamental factors into an overall score that measures a stock’s suitability for investment.
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