Why Canopy Growth Stock Price Is Getting Higher
Portfolio Pulse from Erica Kollmann
Canopy Growth Corporation (NASDAQ:CGC) shares are trading higher after the U.S. Department of Health and Human Services (HHS) recommended the rescheduling of marijuana. The recommendation is for marijuana to be rescheduled to a Schedule III substance from its current Schedule I status. The news has resulted in heavy trading volume for CGC shares, with over 30.7 million shares traded in the session, compared to the stock's 100-day average of 26.803 million shares.
August 31, 2023 | 3:01 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Canopy Growth Corporation's stock is trading higher due to the HHS's recommendation to reschedule marijuana. The news has led to a surge in trading volume.
The HHS's recommendation to reschedule marijuana from a Schedule I to a Schedule III substance is a positive development for Canopy Growth Corporation, a cannabis company. This has led to increased interest in the stock, resulting in higher trading volume and a rise in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100