RE:RE:Be careful holding this stock. Seeing signs of distributionLast time they had 5 billion investment injection as a huge catalyst to push it to the 70s and it also boosts the whole sector. What catalysts do they have this time? The hemp license pushed it to 59 bucks. It did its job. But what else do they have other than their terrible earnings result...?
It is a speculative stock. You don't buy canopy growth shares because of its fundamentals.No one trade weed stocks based on fundamentals.....You buy it because it has future catalysts. It needs news and catalysts to push its price. Now that all the catalysts have run out,what else do they have to support their inflated share price...?
Some of the big boys from the US side apparently knew hemp license news way before the retailers and so loaded up all the way before the news. If they knew there would have been another big catalyst, why didn't they front loaded again this time...? I didn't see any sign of accumulation with the decreasing volume. My guess is there is nothing big catalysts left on the table for CGC. They gonna need to hit the reality ground. Massive short attack could be on the way as short positions have been going up steadily.
I hope I am wrong as I still hold a small core position. But I am playing more defensively at this stage. GLTA.