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Boston Beer Company Inc (NYSE: SAM) has done a great job taking market share in the hard seltzer category, Jim Cramer said Friday on CNBC s Squawk On The Street.
What Happened: Boston Beer reported first-quarter earnings on Thursday that exceeded expectations. The company had earnings-per-share of $5.26, which more than doubled the estimates of $2.60 per share. CEO Dave Burwick attributed much of the company s growth to its Truly brand.
Truly is growing twice as much as the hard seltzer category and has taken 28% market share, Cramer said.
There is competition in the space, but my money is still on Truly and Boston Beer, he added.
Canopy Growth Corp (NASDAQ:CGC) put in a double bottom, co-host Dennis Dick said Thursday on Benzinga s YouTube show PreMarket Prep.
The stock bounced off of critical support at $25 on Wednesday, DIck said, adding that he would be a buyer of pullbacks in Canopy Growth.
SAFE Act: The U.S. House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act on April 19 which protects banks serving cannabis companies from being penalized on a federal level. The bill will now go to the U.S. Senate for consideration.
The company reported third-quarter earnings on Feb. 9 and is expected to report fourth-quarter earnings on June 1.
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