Cannabis producer Canopy Growth Corporation (NASDAQ:CGC) (TSE:WEED) announced on Tuesday that it has received the regulatory green light for its services in the European market. According to the announcement, the company said it received the EU GMP Certification from RP Tuebingen, the Regional Health Inspectorate of Baden-Wuettemberg, for the company’s cannabis cultivation facility in Kincardine, Ontario.
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The EU GMP Certification culminates recent efforts by the company to expand its market and customer base. With the certification, the company said it can continue exporting medical cannabis to medical markets in Europe as well as other markets worldwide. In addition, the company said it is on the lookout to stretch its reach to territories without a cannabis market once there is legal approval in the regions.
“The receipt of EU GMP certification for our Kincardine facility is a significant milestone for Canopy Growth as we complete the transformation of our business and position it for long-term growth and market leadership,” said David Klein, Chief Executive Officer of Canopy Growth.
Is CGC a Good Stock to Buy?
Turning to Wall Street, analysts have a Hold consensus rating on CGC stock based on one Buy, three Holds, and two Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average CGC price target of $1.09 per share implies a 54.13% upside potential.