Canopy Growth Corporation (CGC) Sets Sights on Australia Cannabis Market with Expanded Portfolio

Canopy Growth Corp (NASDAQ:CGC) is one of the Canadian penny stocks to buy right now. On November 18, Canopy Growth Corp (NASDAQ:CGC) expanded its Spectrum Therapeutics portfolio in Australia by adding softgel capsules.

The addition is part of the company’s push to target more medical cannabis patients in the country. The company will target patients with three softgel formats: Spectrum Yellow Cannabis Oil, Spectrum Red Cannabis Oil, and Spectrum Blue Cannabis Oil. Expanding its product portfolio enables the company to capitalize on growing demand as the Australian cannabis market matures.

“Expanding our portfolio in established markets like Australia is a key driver of our global medical strategy,” said Luc Mongeau, Chief Executive Officer. “Softgels deepen our offering and reinforce our commitment to meeting the needs of patients in this important international market.”

The focus on the Australian market follows the company’s second-quarter earnings on November 7, during which it posted a 12% increase in revenue to C$51 million. Adjusted EBITDA loss in the quarter narrowed to C$3 million from C$6 million. The better-than-expected results were driven by growth in the Canadian adult-use and medical cannabis segments.

On November 13, following Canopy Growth’s Q2 results, Roth MKM analyst Bill Kirk reiterated a Buy rating with a price target of C$8.00.

Canopy Growth Corporation (NASDAQ:CGC) is a leading global cannabis producer headquartered in Smiths Falls, Ontario, Canada, and operates primarily in the production, distribution, and sale of cannabis and hemp-based products for both recreational and medical purposes.

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Disclosure: None. This article is originally published at Insider Monkey.