Why Canopy Growth (CGC) Stock Is Trading Higher
Portfolio Pulse from Henry Khederian
Shares of Canopy Growth Corp (NASDAQ:CGC) are trading higher by 12.6% amid strength in the broader cannabis sector. This follows a report suggesting the Department of Health and Human Services (HHS) has called for moving marijuana to a lower-risk drug category. The recommendation is informed by an FDA evaluation of marijuana's classification.
August 30, 2023 | 7:49 pm
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Canopy Growth Corp's stock is trading higher due to a potential reclassification of marijuana by the HHS, which could positively impact the cannabis industry.
The potential reclassification of marijuana to a lower-risk drug category by the HHS could lead to increased acceptance and usage of cannabis, which would benefit companies in the cannabis industry like Canopy Growth Corp. This explains the rise in CGC's stock price.
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