Canopy Growth Corp (TSE:WEED) (OTCMKTS:TWMJF) (FRA:11L1) is showing pronounced relative out-performance early in today’s session—enough so to pique our interest. This takes on heightened importance as Canopy broke out of its “Great Formation” ST formation on Monday. We explore whether today’s move has legs, or whether it’s simple maneuvering within a developing range.

Leading off, the first thing which jumps out is the relative strength. As of this writing, Canopy Growth is higher by $0.83 to $32.84/share (↑2.59%). That compares to its closest peers—Aphria Inc. and Aurora Cannabis Inc.—which are down ↓4.23% and ↓2.55% respectively. Of course, Aurora has some mitigating circumstances weighing down its stock price currently, so it isn’t an apples-to-apples comparison. Still, the extreme dichotomy is noteworthy.

Digging a little deeper, we perceive something interesting pertaining to today’s volume profile. Volume could finish in the 5 million share range, which is strong given recent trends.

Notice how the volume profile half-an-hour into the session is triple that of the open. Usually, it’s the other way around (to varying degrees). On-open volume generally produces the highest trading activity of the day, as pent-up buy/sell orders, index arbitrage orders, and morning scalpers stake their turf. Today, this dynamic happened in reverse.

Secondly, Canopy Growth presented at Cannacord Genuity’s 2nd Annual Cannabis Conference in New York this morning. They were reported to present on “Track 2” this morning (9:40am). Obviously, it appears some investors liked what the company had to say.

It was only a few days ago that Canopy Growth announced filed an application to list on the New York Stock Exchange, making it the first licensed producer of cannabis to do so in the world. This further opens up the American investment scene, where quality cannabis companies listed on U.S. exchanges are still few and far between. If Canopy’s message in New York is an uplifting one, it will certainly makes for most opportune timing.

As a reminder, from our April 26th piece (linked in the first paragraph), this is how we saw the formation shape up at the time:

Key Levels to watch are $33.33 (short term high), and $34.50-$34.75 levels (March swing highs).

Midas Letter will have expanded coverage as further details warrant.

Bruce Linton, CEO and founder of Tweed Marijuana, (now Canopy Growth Corp.) talks about Canopy Rivers, Canada’s first streaming marijuana company that doubles as a ACMPR incubator

Update: It appears morning rumors of Bruce Linton’s appearance of CNBC’s Mad Money might have played at part in Canopy’s ascent. The full Jim Cramer interview can be seen here.