Canopy Growth Corp. (NYSE: CGC, TSX: WEED) is already the world’s largest cannabis company by market cap.
Based in Canada, it has the largest operational footprint north of the Border. So far this year, Canopy has made two important announcements regarding the company’s move into the U.S.
CEO Bruce Linton told Bloomberg that the company aims to have “hemp operations in 7 states within 12 months”.
Then there is today’s “corporate update” from the company. This focuses entirely on CGC’s international growth strategy in the cannabis industry.
- Company enters multi-year agreement with Colombia-based Procaps to conduct advanced manufacturing in Latin America
- Spectrum Therapeutics receives new licences, certifications, and sales in international jurisdictions to advance Canopy Growth’s global leadership position and build new revenue markets
- Company Now Licensed for over 35 million Square Feet of Production across Europe, Africa and South America
Both the content and tone of this announcement is clear. Canopy Growth Corp isn’t simply seeking to be Canada’s largest pot company – or even North America’s. Rather, the company is targeting nothing less than #1 in the world.
For investors, it may be a little late in the game to look to generate profits from the world’s cannabis market cap leader. This is especially true given Constellation Brands’ (NYSE: STZ) corporate chokehold on Canopy.
The real message here is this. The cannabis industry in Canada is early in the game. In the U.S., the industry is still in the first inning. Internationally, the cannabis industry is just stepping up to the plate.
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