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Tim Seymour Weighs In On Cannabis Stocks

July 29, 2020 7:05 am
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Tim Seymour Weighs In On Cannabis Stocks

Tim Seymour spoke on CNBC's "Fast Money" about the cannabis stocks, which have been on fire over the last couple of days.

He said the Canadian names were up big on Tuesday on an upgrade in the sector and the biggest company, Canopy Growth Corp (NYSE:CGC), reports earnings on Wednesday. Others are due to report in August.

There was some talk that the House is going to push for legislation in September, but that doesn't mean that the Senate is going to vote it through, said Seymour.

See Also: Here's Why Cannabis Stocks Are Getting A Boost

He believes there are some great companies that are executing now and the addressable market is growing. Charts also look very bullish, with cup and handle and flag pole patterns.

Canopy Growth is very focused on the U.S. market to the business that it can do in the U.S. and it announced an e-commerce site on Tuesday, said Seymour. He added that there was a lot of hype before, but the story is real now.

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