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Canopy Growth is a Canadian company that specialises in the production and sale of marijuana. The company was founded in 2013 by Bruce Linton and Chuck Rifici. It traded under the name Tweed until 2015 when a merger with Bedrocan Canada prompted the change to Canopy Growth.

Today, Canopy Growth Corp. is the umbrella company for Tweed and Bedrocan Canada. With these two brands initially producing marijuana for medical use, Canopy Growth was valued at $1 billion. A listing on the Toronto Stock Exchange and, subsequently, the New York Stock Exchange followed in 2018. This was the same year marijuana became legal for recreational use in Canada. The ruling allowed Canopy Growth to expand its operations, and, within a year, it was valued at $15 billion.

Linton, alongside Mark Zekulin, ran the company until 2019. Linton was forced to step down after poor financial results and investments made through the company’s venture capital division, Canopy Rivers. Zekulin also left the company soon after Linton’s departure, forcing a restructuring at the executive level.

Canopy Growth stock first went on sale in 2014. The company didn’t go public through the traditional IPO route. Instead, a reverse takeover of Capital Pool Inc. facilitated a listing on the TSX Venture Exchange. Before the reverse takeover, shares in Capital Pool Inc. were trading at CAD$0.85. The day after Tweed took control, shares were up to CAD$4.60.

Tweed’s merger with Bedrocan Canada followed and, three years later, Canopy Growth stock was listed on a major exchange. Movement onto the Toronto Stock Exchange under the ticker TSX: WEED was followed by a secondary listing on the New York Stock Exchange (NYX: CGC). The Canopy Growth share price history shows a series of notable peaks and troughs. Canopy Growth shares began trading on TSX and NYX below $30 but the price quickly climbed above $50. Looking at the Canopy Growth share price history to 2022, the all-time high was recorded on October 15, 2018, at $56.89.

Restructuring efforts in 2019 caused the price of Canopy Growth stock to fall before rallying again in 2021. This second significant peak was followed by another bearish period with Canopy Growth shares failing to climb above the $10 mark throughout 2022.

Why trade Canopy Growth stock when there are other options? Canopy Growth was one of the largest marijuana companies in the world. It was the first licenced and federally regulated cannabis company to be publicly listed in North America. This, combined with total assets worth $6.8 billion in 2021, mean it’s still a major entity within the marijuana industry.

However, corporate restructuring and falling revenue means Canopy Growth stock has experienced a number of challenges since 2018. As such, you may want to assess other cannabis companies. You can trade shares in Aurora Cannabis Inc and Tilray Inc. at Skilling if you’re interested in the marijuana industry.