Canopy Growth Corp (CGC, WEED), the largest cannabis company, just made history in the US cannabis industry.
Canopy just became the first cannabis company ever to receive a permit from the state of New York to grow hemp.
This is a big win for Canopy and a shot in the arm for the US hemp industry. The new license gives Canopy a valuable first-mover advantage in the high-growth US hemp market. That should help Canopy build on its early industry leadership in the global cannabis market.
I’m also impressed by how quickly this deal happened. The Farm Bill passed less than a month ago and the state of New York has already issued its first hemp permit. This is an important indicator. It tells me the US hemp market is about to be unleashed with states such as New York ready to open the door.
In April the world's first Marijuana Exchange Traded Fund, Horizon Medical Marijuana Life Sciences ETF (TSE:HMMJ) hit the public markets. The ETF went public at $10 per share and popped during its first few days of trading.
When HMMJ hit the public markets, investors were craving exposure to marijuana stocks as new laws and regulations have helped push marijuana into the mainstream spotlight. Some U.S. states and parts of Canada have decriminalized the drug while it has spread in popularity and acceptance for its medical use.
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