Canopy Growth Corp (CGC US) short interest is $1.29 billion; 26.39 million shares shorted; 11.38% of float; stock borrow is 13.65% bp fee. WEED CN short interest is $355 million; 7.28 million shares shorted; 3.14% of float; stock borrow is 12.40% bp feeÂ Canopy Growth is the Â is the most shorted stock in the Cannabis sector.
CGC is up 2.5% today, +$1.22/share, following a +82% January rally based on an expanded product line, hemp products, and wider distribution, UK, Peru, Poland, New York State.
Short selling peaked in late January at 29.7 million shares and has since declined by 11% as shorts lost $595 million in mark-to market losses in 2019. We are seeing continued short covering this morning which is magnifying the effects of recent surge of long buying in the name and spurring prices even higher.
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Managing Director Predictive Analytics, S3 Partners, LLC
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