Cannabis stocks have been on an absolute tear, and Canopy Growth (NASDAQ:CGC) is no exception. Shares of CGC stock are up by over 250% during the past month.
It all started last August after the U.S. Department of Health and Human Services (HHS) penned a letter to the Drug Enforcement Agency (DEA), asking it to reclassify marijuana to a Schedule III drug from a Schedule I drug. The DEA noted that it would review the matter, although no changes have been made since then.
The marijuana industry received another boost last month after President Joe Biden mentioned the controversial plant during the State of the Union address. He stated that he was focused on “directing my cabinet to review the federal classification of marijuana, and expunging thousands of convictions for the mere possession, because no one should be jailed for simply using.”
Vice President Kamala Harris later added more fuel to the flame after commenting that no one should be jailed for using marijuana. She also brought up the fact that it is scheduled in the same class as heroin.
And for the cherry on top, Germany legalized marijuana and recognized it as a non-narcotic on April 1. Thus opening up another market for Canopy. The company believes that Storz & Bickel, its vaporizer brand, and its products through Canopy Medical will benefit greatly from the change.
The 5 Biggest Buyers of CGC Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. However, institutional ownership of CGC declined during the fourth quarter. A total of 212 13F filers disclosed a stake in the company compared to 316 filers during the previous quarter. These filers own a total of 3.o3 million shares, down by a significant 47.81% from 5.80 million shares.
With that in mind, let’s take a look at Canopy’s top buyers during Q4:
- Susquehanna acquired 131,343 shares, bringing its position to 339,420 shares.
- Jane Street acquired 115,557 shares, bringing its position to 307,130 shares.
- Renaissance Technologies acquired 68,582 shares, bringing its position to 79,308 shares.
- Scotia Capital acquired 40,987 shares, bringing its position to 49,053 shares.
- AXS Investments acquired 38,449 shares, bringing its position to 100,628 shares.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
