Canadian cannabis stocks spike as U.S. reportedly set to reclassify marijuana [Yahoo! Finance Canada]
Canopy Growth Corporation - Common Shares (CGC)
Company Research
Source: Yahoo! Finance Canada
Drug Enforcement Agency will move to reclassify marijuana as a less dangerous drug. Canopy Growth Corp. surged 49 per cent after the announcement, while Aurora Cannabis Inc. and Tilray Brands Inc. soared 32 and 39 per cent, respectively. The Associated Press, citing five sources familiar with the matter, reported the DEA's proposal would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than other, more dangerous drugs. However, it would not legalize marijuana for recreational use. ADVERTISEMENT Currently, marijuana is listed as a Schedule I drug in the U.S., alongside heroin and LSD, but would be reclassified as a Schedule III drug, alongside ketamine and some anabolic steroids. The reclassification of the drug in the U.S. could lessen risks for cannabis companies that operate south of the border and potentially improve investor appetite for cannabis stocks. This report by The Canadian Press was first published April 30, 2024. Comp
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News
- Canopy Growth Corporation (CGC) Stock Sinks As Market Gains: Here's Why [Yahoo! Finance]Yahoo! Finance
- Investors Heavily Search Canopy Growth Corporation (CGC): Here is What You Need to Know [Yahoo! Finance]Yahoo! Finance
- Forbes Daily: Marijuana Stocks High On Declassification Announcement [Forbes]Forbes
- Strength Seen in Canopy Growth (CGC): Can Its 11.0% Jump Turn into More Strength? [Yahoo! Finance]Yahoo! Finance
- Marijuana Reclassification Bid Sends Cannabis Stocks Soaring [Forbes]Forbes
CGC
Earnings
- 2/9/24 - Miss
CGC
Sec Filings
- 5/14/24 - Form EFFECT
- 5/13/24 - Form 424B3
- 5/13/24 - Form 424B3
- CGC's page on the SEC website