Why Canopy Growth Stock Is On Fire Today

Canopy Growth Corp CGC shares are trading higher Wednesday in anticipation of a Senate marijuana meeting.

The Senate Judiciary Subcommittee on Crime and Terrorism has scheduled a meeting, titled "Decriminalizing Cannabis at the Federal Level: Necessary Steps to Address Past Harms." It's likely that senators on the panel will be debating the potential decriminalization of marijuana at the federal level.

Reports suggest that the long-awaited legislation could be introduced as soon as this week, although the meeting is currently scheduled for July 26.

An outline of the Cannabis Administration & Opportunity Act was released about one year ago. The outline shows plans to remove marijuana from the Controlled Substances Act and expunge prior convictions. It also includes resentencing measures.

Related Link: Cannabis Legalization Among Topics For Senate Subcommittee To Address At Next Hearing

Canopy Growth is a diversified cannabis and cannabinoid-based consumer product company.

CGC Price Action: Canopy Growth has traded between $20.46 and $2.13 over a 52-week period.

The stock was up 18.1% at $3.08 at press time, according to data from Benzinga Pro.

Photo: Alissa De Leva from Pixabay.