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Jim Cramer - Mad Money Canopy Growth CGC-N BUY Apr 05, 2024

Florida's upcoming vote to legalize cannabis could impact the industry. Canopy is the go-to name,

Jim Cramer - Mad Money

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$10.180

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COMMENT

Lots of excitement here with the Democrats in the White House and wanting to decriminalizing cannabis, but Canopy needs full decriminalizing if it will keep going higher. Eventually, we'll get there, but likely not fast enough for the bulls. It reports Tuesday.

DON'T BUY

We need federal legalization now; he can't embrace the weed group until that legislation. He'd rather hedge in this space by buying Constellation Brands.

DON'T BUY

He prefers Constellation Brand, an integrated weed company.

DON'T BUY

The core business isn't that good. It's too late to sell, but don't buy any shares now.

DON'T BUY

At $9, you could buy it, but this had a weak quarter. Run by a good CEO and Constellation Brands has a stake in it. Problem is, he doesn't like the cannabis business--it's overhyped like gambling now.

DON'T BUY

Isn't recommending any cannabis stock, which need federal government approval of weed to rise.

DON'T BUY

Until Washington legalizes weed, you can't own this stock.

COMMENT

Will Constellation drop Canopy? No. The CEO believes that one day cannabis will be legalized nationally. He agrees, but doesn't know when this will happen.

BUY

Has followed this for along time. Constellation Brands owns a large stake in this. Shares are up 135% in the past month, though gave back in recent session. It's still more than doubled since he heard of possible legalization of weed in the U.S. Pres. Biden mentioned full legalization on March 7 and just today Florida said it will place the legalization question on the ballot.

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Jim Cramer - Mad Money Canopy Growth CGC-N BUY Apr 05, 2024

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