Why Canopy Growth Stock Price Is Getting Higher

Comments
Loading...

Canopy Growth Corporation CGC shares are trading higher Thursday after the U.S. Department of Health and Human Services (HHS) recommended the rescheduling of marijuana on Wednesday.

The Details:

According to Bloomberg, Adm. Rachel Levine, the assistant secretary for health at HHS sent a letter to the DEA Administrator, Anne Milgram, recommending that marijuana be rescheduled to a Schedule III substance.

Marijuana is currently scheduled as a Schedule I substance, putting it in the same category as heroin and LSD as a drug without accepted medical treatment use and a lack of accepted safety for use under medical supervision.

CGC shares are moving higher on very heavy trading volume. According to Benzinga Pro, more than 30.7 million shares have already been traded in the session, compared to the stock's 100-day average of 26.803 million shares.

Related News: What's Going On With Palantir Technologies Stock?

CGC Price Action: According to Benzinga Pro, Canopy Growth shares are up 31% at 60 cents at the time of publication.

Image: JRByron from Pixabay

CGC Logo
CGCCanopy Growth Corp
$0.8910-3.15%

Stock Score Locked: Want to See it?

Benzinga Rankings give you vital metrics on any stock – anytime.

Reveal Full Score
Edge Rankings
Momentum1.70
Growth7.46
Quality-
Value83.14
Price Trend
Short
Medium
Long
Market News and Data brought to you by Benzinga APIs

Posted In:

Cannabis is evolving—don’t get left behind!

Curious about what’s next for the industry and how to stay ahead in today’s competitive market?

Join top executives, investors, and industry leaders at the Benzinga Cannabis Capital Conference in Chicago on June 9-10. Dive deep into market-shaping strategies, investment trends, and brand-building insights that will define the future of cannabis.

Secure your spot now before prices go up—this is where the biggest deals and connections happen!

Get your tickets today!