Jim Cramer: How to Pick a Cannabis Stock on 4/20

Katherine Ross

It's a holiday for some. 

It's Monday, April 20. Also known as: 4/20.

And, while the holiday could already be considered a pretty mellow occasion, this year really has a slow burn as the coronavirus pandemic keeps millions of Americans indoors.

Jim Cramer has some thoughts on the cannabis sector, and he has one particular company that he likes the most.

What company is that?

Canopy Growth. 

The company has recently gone through two plant closures and its laid off 85 workers. 

The company said it expected to take a C$700 million to C$800 million (US$495 million-US$566 million) charge to close plants and dismiss 85 staffers.

The restructuring will shut down operations in Springfield, N.Y., and its indoor facility in Yorkton, Saskatchewan.

"When I arrived at Canopy Growth in January, I committed to conducting a strategic review in order to lower our cost structure and reduce our cash burn," Chief Executive David Klein said in a statement. 

Watch the full video above for more.

Want to know what Jim Cramer and his team at Action Alerts PLUS are thinking about the markets and the stocks they're watching? Sign up on Action Alerts PLUS for more.

Cramer and the team are weighing in on what members need to know about the coronavirus pandemic's impact on the market. Here's how you can recap his entire April show.

Watch More of the Latest Videos on TheStreet and Jim Cramer

LIVE WITH JIM CRAMER - WATCH THE REPLAY
Enter your email to register or login. Registration information may be shared with advertising partners in accordance with our Privacy Policy.