What's Going On With Marijuana Stocks Tilray And Canopy Growth?
Portfolio Pulse from Erica Kollmann
Shares of Tilray Brands, Inc. (NASDAQ:TLRY) and Canopy Growth Corporation (NASDAQ:CGC) are trading higher due to optimism about the potential rescheduling of cannabis by the DEA, following comments from Vice President Kamala Harris and a social media post by Doug Kass. Harris emphasized the need for quick action, while Kass mentioned an imminent announcement on rescheduling cannabis to Schedule III.
March 18, 2024 | 2:56 pm
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POSITIVE IMPACT
Canopy Growth Corporation shares are up 16.4% at $3.58, driven by the same optimism surrounding the DEA's potential rescheduling of cannabis, which could ease regulatory challenges.
Canopy Growth's stock price increase is closely tied to the anticipated DEA announcement on cannabis rescheduling, as discussed by VP Harris and Doug Kass. This move could significantly lower regulatory barriers, positively affecting Canopy Growth's business prospects and investor outlook.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Tilray Brands, Inc. shares are up 9.25% at $1.89, buoyed by optimism around the DEA potentially rescheduling cannabis, which could significantly reduce regulatory hurdles.
The positive movement in TLRY's stock price is directly linked to the potential DEA rescheduling of cannabis, as indicated by VP Harris and Doug Kass. This regulatory shift could open new markets and reduce legal barriers, positively impacting Tilray's operations and investor sentiment.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90