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Marijuana stocks are attractive investment opportunities and we came across a story that exemplified this thought.
Earlier today, we read an article about Wisconsin Republican Senator Frank Lasee who invested in Canadian licensed medical marijuana producer Canopy Growth Corp (WEED.TO) (TWMJF) back in 2016.
A Marijuana Supporter…and Investor
Senator Lasee is a medical marijuana supporter…and an investor.
Earlier this year, the state senator voted to expand access to medical marijuana in Wisconsin.
According to public disclosures reviewed this week by USA Today, Senator Lasee purchased $5,000 to $50,000 in the stock of the licensed medical marijuana producer.
Canopy Growth is the largest medical marijuana producer in the world and is focused on the Canadian, German, Australian, and Chilean medical marijuana market. The licensed producer has made several accretive acquisitions over the last year and is positioned to continue to capitalize on this burgeoning market.
A Long-Term Growth Opportunity
Canopy Growth reported its first quarter financial results today and recorded a $4.4 million net loss on $15.9 million in revenue. The company has been a leading force in the legal cannabis industry.
In June, Canopy recorded another milestone after the company launched the sale of Canada's first encapsulated cannabis oil soft gels. The company sells marijuana-based products in dried, oil and capsule forms, and touts operating more than half a million square feet of production facilities.
We are favorable on this move by Senator Lasee and think he made a wise choice by focusing on a quality marijuana stock like Canopy Growth.