Cannabis Stocks Spike Following Reports Marijuana Will Be Reclassified As Less Dangerous Drug [Forbes]
Canopy Growth Corporation - Common Shares (CGC)
Company Research
Source: Forbes
Cannabis stocks surged more than 30% Tuesday. (Photo by Christopher Furlong/Getty Images) Canada-based Canopy Growth Corporation shares surged more than 65%, closing at $14.88, its highest closing price of the year. Tilray Brands opened at $1.77, rocketed more than 35% through trading and closed at $2.47. Several other cannabis companies' shares spiked Tuesday including Aurora Cannabis (+46%), Amplify Alternative Harvest (+26%) and Trees Corporation (+26%). The stock jumps come after news the Drug Enforcement Agency will propose the reclassification of marijuana from a Schedule I drug to a Schedule III drug, which the federal government says can be used with a prescription. Marijuana currently shares the same schedule as drugs like heroin, ecstasy and LSD despite being legal in several states. The reclassification of marijuana would be the first time in 50 years the drug would receive a different designation and the first time the federal government would acknowledge mari
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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