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CANOPY GROWTH CORPORATION

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WEED trade ideas

Weed Rescheduling Trading StrategyHello friends. I made a good profit from the initial announcement that weed stocks would be rescheduled because I foresaw a news event like that occuring and purchased a position in weed stocks before anything happened. Then I sold near the top, since the trade has become crowded, and now I am waiting for a good entry point again. I think that another big opportunity is coming soon, but we will have to be patient. Here is how this works: The HHS has recommended for the DEA to reschedule cannabis from a Schedule 1 substance to a Schedule 3 substance. This would have some benefits for the weed indudstry, but most importantly, it creates euphoria for traders, who rush in to buy up the stocks. And here is an interesting question to consider: Which weed stock are largely uneducated retail traders who have just learned about this news and want to ape into the trade late most likely to buy? Well, probably the one with the ticker: WEED. Purely because of the ticker, they will discover this stock in far greater numbers. This is an important concept to remember. To see another example of tickers being extremely important, look at the ticker AI, which was one of the best performers during the AI bubble that occured this year. We were able to predict the parabolic rise of the AI ticker, purely based on the fact that a bubble was forming combined with the fact that this ticker would likely be at the center of it, due to mass discovery from retail traders searching "AI" and seeing this ticker pop up first. We can see how this theory worked in practice, since while most stocks only rose 50-100%, WEED rose an incredible nearly 400%. So, when will the DEA make their announcement, which will be extremely likely to send this stock rocketing along with all other cannabis-related stocks? Well, it will likely occur within 90 days of the initial recommendation, but there is no guarantee. Government agencies are incompetent, slow, and stupid. As a result, we can't expect a reliable timeline from the DEA. What we can strongly rely on though, is that they will follow the HHS recommendation and reschedule, since this is what they always seem to do. The best strategy is to go ahead and wait this out for the next month at least, and then when the time is drawing nearer, start to average into a position on weed stocks. Over time their prices will likely continue to slowly fall, as retail idiots who bought into the peak of the weed trade eat their losses. As I have explained, my top pick is WEED, but literally anything in the cannabis industry should be expected to rally. When the news event occurs, weed stocks will likely rally sharply for a couple of days, and then the rally will be over, and they will start to fall again. We should hope to exit before they fall over, by keeping an eye on how publicized the news is so far. If everyone has already heard about it, it's over, and it's time to sell.
TSX:WEEDLong
by bowtrix
4
CANOPY MADNESS TARGET 1.65 Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) today announced that it has ceased funding BioSteel Sports Nutrition Inc. ("BioSteel") and that BioSteel has commenced proceedings under the Companies' Creditors Arrangement Act (the "CCAA") in the Ontario Superior Court of Justice (Commercial List) ("CCAA Court") and will seek recognition of that proceeding under Chapter 15 of the United States Bankruptcy Code to give full force and effect to the orders made in the CCAA proceeding in the United States, including a stay of proceedings. As part of its efforts to simplify its business and reduce cash burn, Canopy Growth previously announced that it was reviewing strategic options for the Company's BioSteel business unit, including a potential sale of the business unit. BioSteel's business was a significant drag on Canopy Growth's profitability and cash flow, representing approximately 60% of the Company's Q1 FY2024 Adjusted EBITDA loss. The decision by BioSteel to seek creditor protection means that Canopy Growth will limit the further funding obligations in respect of the BioSteel business unit, which is consistent with Canopy Growth's transformation to a simplified, asset-light operating model and focus on its core cannabis operations. Canopy Growth's financial position is expected to be further strengthened through the immediate removal of the cash expenditures associated with funding the BioSteel business unit and the potential cash proceeds from the orderly sale of BioSteel's assets. Further, the Company anticipates the removal of the previously identified material weakness related to the BioSteel business segment upon disposition. In addition, with BioSteel's operating loss and cash burn eliminated, Canopy Growth reiterates its expectation to achieve positive Adjusted EBITDA across its remaining business units exiting FY2024.
NASDAQ:CGCLong
by KalaGhazii
Didn't see that coming.. | Was there any clues I left unnoticed?NASDAQ:CGC - REKKKT This is not supposed to happen before factor X (luck?). IMO I think I did with the analyzing solid job. Please, no matter how small thing it might be. Let me know in the comments to improve I'll walk you through my thoughts: The Canopy Growth Corporation hit it's bottom on Fri 07/14/23. It fired up those Dank fueled rockets to head outer space with +350% gains. I started to see exhaustion after the first pullback. After this the chart doesn't show the same momentum and there's some divergence that will be reappearing theme the following days. You start to see decline as one would expect after this kind of run. My interpretation is that according to price action, it's starting to form a descending channel pattern. When the double top formed I was convinced the following day would come down crashing. This happened instead. Can I blame bad luck or was there other factors that needed to be addressed? Just like in the game of poker you will run into situations where you lose to one outer on the river. Please leave a comment and let me know what is your point of view. Thanks! I salute you all🫡
NASDAQ:CGCShort
by Crack_Daddy
CGC: Flying high! Will reality hit soon?CGC chart literally looked like a waterfall since it broke $1 support back in February. But, since Aug 29 after the US health department recommendation the stock along with all MJ tickers just shot up to the moon. But, here is my issue with the chart pattern: the move up from July 17 to July 30 is 3 waves. That makes me think this current price action is a corrective C wave of a higher degree wave 4. This idea would be invalidated if price goes above $2.16; the bottom of wave 1 of C of this downtrend. I am still thinking a lot of traders will get caught on this fomo while price will make a final wave 5 low. Need to keep an eye on RSI on daily and weekly to get a bullish divergence; lower low in price and higher low in RSI. Right now I am short since $1.5 with stop loss on the latest high $1.92. If things go right, target would be $0.18. If I am wrong about this and this pump is real investment, then I will get stopped out and wait for wave 5 to complete followed by a 3 waves down. At that point might consider tying up some capital for a long wave 3 move with some insane potential. Might outshine crypto gains in the next 10 years....for now, one step at a time...
NASDAQ:CGCShort
by mukit1
CGC - Blink And You Missed ItPerhaps the most dangerous market other than crypto has seen some roaring moves with the leader CGC up an enormous 82% today. The herd will be FOMOing and will likely get trapped but we're going to wait and see if a tidy pull back at a significant liquidity landmark will come to us. RSI up to 90 and hitting the 200 day MA it is unlikely this trend will have much left from here before a pull back. We're already long TLRY but suddenly it would appear that CGC could be No.1. There could be enormous moves in the pipeline... Not advice.
NASDAQ:CGCLong
by dRends35
Cannabis Comeback?Cannabis stocks are rallying on news that the HHS has recommended the DEA reschedule cannabis to schedule 3. This would significantly improve financials for cannabis companies because it will allow them to begin deducting business expenses from their taxes, which has been a major hurdle for cannabis companies to reach profitability. It would also encourage more lenders to enter the market, lowering interest rates for cannabis companies which have been subjected to some of the highest interest rates in the country. On top of the news, we have nice bullish momentum divergences and price action which is indicative of a potential bottom forming. Assuming the move towards rescheduling, banking, and eventually full federal legalization continues, it is possible that these are extremely discounted prices for most cannabis stocks long-term. In the following months, we could see a major retracement of the cannabis bear market and in the longer-term some of these stocks could return to their all-time highs, as cannabis is likely to become a much bigger industry when it is fully federally and eventually globally legalized, and these companies will see significantly improved margins with lower taxes, lower interest rates, and the opening of interstate and international trade.
NASDAQ:CGCLong
by Intuit