10 Best Robinhood Penny Stocks to Invest In

2. Canopy Growth Corporation (NASDAQ:CGC)

Share Price: $1.36

Stock Upside Potential: 295.98%

Number of Hedge Fund Holders: 6

Canopy Growth Corporation (NASDAQ:CGC) is one of the best Robinhood penny stocks to invest in. On August 29, the company unveiled a new at-the-market equity program, enabling the company to issue and sell up to $200 million in common shares across U.S. and Canadian markets.

Sales in Canada are capped at $50 million, with shares offered directly on NASDAQ, TSX, or other trading platforms at market prices. The program is designed to support strategic investments, acquisitions, working capital, and potential debt repayment, with timing and volume of sales at the company’s discretion.

The initiative is governed by an equity distribution agreement dated August 29, 2025, with BMO Nesbitt Burns Inc. and BMO Capital Markets Corp. acting as agents in Canada and the U.S., respectively. The program will remain active until June 5, 2027, or until the full $200 million is raised. The Canadian portion ends earlier, on July 5, 2026, or upon reaching its $50 million cap. This new arrangement replaces a prior agreement from February 2025.

Canopy Growth Corporation (NASDAQ:CGC) produces and sells cannabis, hemp, and related products across Canada, Germany, and Australia. Operating through four segments—including Canada Cannabis and International Markets- it offers dried flower, pre-rolls, edibles, vapes, oils, and concentrates. Its products are marketed under multiple brands such as Tweed, 7ACRES, Spectrum Therapeutics, Storz & Bickel, Wana, and DOJA.