Trade: Canopy Growth Company (CGC)

After watching the stock drop to the low 30s and start jumping back up with what appears to be a turn in the overall market, I have decided to purchase one ninth of a position of Canopy at a price of $36.50.  This is a very small position to take advantage of prices significanctly below my cost basis while also leaving me room for the stock to go back down further - given that I am making this purchase at a time the stock is up over 8% on the day.  I continue to belive that Canopy is the best - potentially the only direct pot play and I play it as a speculation for long-term gains as the company continues to gain footing and take market share of failed companies in countries where cannabis is legal as well as being a leader into the next countries that legalize it.  Additionally, I am not convinced the stock is done going down.  I still believe prices in the 20s are possible, and as such this is why I'm taking a more concerted effort to buy smaller positions.  I wish to make sure I don't miss out on price opportunities, while also not running out of gun powder to use to take advantage of the wild price movments and my anticipation of lower prices to come.

Notes:
Stock Ratings: 1 = buy at current stock prices, 2 = buy on a 5-10% dip in stock price, 3 = sell on a 5-10% increase in stock price, 4 = sell at current stock prices to raise cash.  Ratings are based upon 12-18 month outlook on stock direction and not necessarily related to moves I make due to financial positioning.

Nothing on this site should be taken as advice, research, or an invitation to buy or sell any securities.  All views expressed are solely of my own and I am not a professional money manager.  Please consult with your financial adviser before taking any action in your own portfolio.