CGC Stock Buzzing on U.S. CBD Launch

Canopy just released a line of CBD products in the U.S.

The shares of Canopy Growth Corp (NYSE:CGC) are popping today, up 1.1% to trade at $20.53 after the firm announced its launch of First & Free --hemp-derived CBD products -- for the U.S. market. The line will include softgels, oil drops, and creams, and will be available to purchase through the brand's website.

While still down roughly 24% for the year, CGC has made some headway in recent months. The equity just overthrew its 50-day moving average for the first time since May, and is eyeing its fourth consecutive close north of the trendline. Plus, Canopy Growth is once again testing support at its 60-day moving average.

Should some of this positive price action continue, the door is wide open for analyst upgrades. Currently nine of the 16 in coverage call the cannabis concern a "hold" or worse. What's more, the consensus 12-month target price of $21.78 hovers just above current levels.

Options bulls, on the other hand, have flocked to CGC. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security sports a 10-day call/put volume ratio of 3.92. That ratio ranks higher than all but 8% of readings from the last year, indicating a bigger than usual appetite for bearish bets of late.

Conversely, short-term options players haven't been more put-heavy. The stock's Schaeffer's open interest ratio (SOIR) of 0.99 sits in the top percentile of its annual range. Peak open interest in the front-month series sits at the December 10 put, where data shows a near-even split in buy- and sell-to-open activity.