How to Buy Canopy Growth Stock in Canada [2024] 

Summary: As the largest cannabis-producing company not only in Canada but in the world in regard to market capitalization, Canopy Growth offers strong potential for growth in both the medical and recreational markets. Thus, it presents an appealing investment choice for Canadian investors looking to capitalize on the momentum generated by cannabis legalization in the country. In this guide, you will learn how to buy Canopy Growth stock as a Canadian investor through online exchange platforms such as Interactive Brokers. 

About Canopy Growth

Canopy Growth (TSX: WEED) is a leading Canadian and global cannabis company with a focus on creating and selling various cannabis products like CBD oils and gummies. The company has two divisions: a medical division called Spectrum Therapeutics and a recreational division that offers a range of products for consumers. With a market capitalization of $498 million (as of December 2023), Canopy Growth holds a significant position in the global cannabis market source. 

Growth prospects

Canopy Growth has established itself as a formidable player in the industry. However, its shares have experienced fluctuations over time, so you will have to monitor the stock’s performance before purchasing.

Fortunately, with the global legal cannabis market expected to grow by more than 25% before 2030, Canopy Growth has a strong potential to capitalize on this trend. However, it’s crucial to consider factors such as market volatility, regulatory changes, and the competitive landscape in your investment decision-making process, as there is still a lot of stigma surrounding the cannabis industry in many parts of the world.

How to buy Canopy Growth stock: Step-by-step process

To buy Canopy Growth strock conveniently, Canadian residents can take the following four steps: 

Step 1: Choosing a broker

Before you can buy Canopy Growth stock, you need to choose a reliable broker to handle your transactions. 

Do research on various brokers to find one that offers competitive transaction fees, a user-friendly platform, and excellent customer service. Also, be sure to compare any fees, including commission, account maintenance, and inactivity fees.

Our recommended broker is Interactive Brokers, a platform featuring:

• Commission-free stock trading;
• Global stock-trading on 90+ market centers;
• Fractional shares;
• Additional income on fully paid shares;
• Lowest financing rates for margin accounts;
• No account minimums.

Step 2: Opening a trading account

Once you’ve chosen your broker, you need to open a trading account. That involves providing personal information like your name, address, and social security number. Sometimes, you may also need to provide proof of identification and address. 

Step 3: Funding your account

When your trading account is active, you’ll need to fund it before purchasing stocks. To do that, simply link your bank account and transfer the required funds. Keep in mind that some brokers may have minimum deposit requirements. Also, not all of them feature the same payment methods. 

Step 4: Placing an order

With your account funded, you can now search for Canopy Growth Corporation stock using its ticker symbol. Check the current stock price and decide whether you’re comfortable purchasing at that price. When you’re ready, choose the number of shares you wish to buy, and select the appropriate order type:

• Market order: A market order is executed immediately at the current market price.
• Limit order: A limit order allows you to set a specific price at which you want to buy the stock. 

Why invest in Canopy Growth

Canopy Growth Corporation (CGC) is the largest cannabis-producing company in the world by market capitalization. So, investing in it offers you exposure to the rapidly growing cannabis industry. As the legal landscape continues to shift and expand, the demand for both recreational and medical cannabis is expected to rise, positioning Canopy Growth as a potential market leader.

One of the key reasons to invest in Canopy Growth is its financial strength. With strong backing from its strategic partner and significant shareholder, beverage giant Constellation Brands, Canopy Growth has ample resources to continue its expansion and investments in the cannabis sector.

In addition to its financial position, the company is actively expanding its production capabilities and product range. It is important to note that Canopy Growth has made strategic acquisitions to enter new markets and develop innovative cannabis-based products. 

Their offerings include not only cannabis flowers but also edibles, beverages, and wellness products. This diversified product portfolio helps you gain exposure to various aspects of the growing cannabis market. 

How to buy Canopy Growth stock safely

Before you decide to invest in Canopy Growth stock, it’s important to consider some key factors that might influence its performance.

First, understand the company’s business model and recent performance. Canopy Growth is a leading cannabis company operating in medical and recreational markets. The company has been struggling with revenue growth and achieving profitability in recent years. 

Second, consider the potential for cannabis legalization in the U.S. Currently, Canopy Growth has limited access to the U.S. market, but the company is trying to capitalize on this potentially lucrative market. Be aware that investing in CGC under the assumption of U.S. legalization is a high-risk, high-reward play, as the timeline and specifics of such legislation remain uncertain.

Third, keep an eye on the competitive landscape. The cannabis industry is a fast-growing but crowded space, with many players vying for market share. Research the leading competitors and their respective strengths and weaknesses to determine how Canopy Growth might fare in this competitive environment.

FAQs about how to buy Canopy Growth stock in Canada

How do I buy Canopy Growth stock in Canada?

You can purchase Canopy Growth stock in Canada through a brokerage like Interactive Brokers. 

What is the stock symbol for Canopy Growth Corporation?

Canopy Growth Corporation is listed on the New York Stock Exchange (NYSE) under the symbol CGC and on the Toronto Stock Exchange (TSX) under the symbol WEED.

Is investing in the cannabis industry legal?

Yes, investing in the cannabis industry and Canopy Growth is legal.