What's Going On With Canopy Growth Stock Tuesday?

Canopy Growth Corporation CGC shares are moving higher on heavy trading volume Tuesday.

What To Know:

According to data from Benzinga Pro, more than 28 million CGC shares have already been traded on Tuesday, surpassing the 100-day average of 13.1 million shares.

There has been an increase in interest surrounding the cannabis market with the potential of political and legislative changes on the horizon. Senate Majority Leader Chuck Schumer (D-NY) released a letter on Sunday which stated that passing a marijuana banking bill is a goal of the upcoming summer work session.  Senator Schumer noted that the Senate will first focus on advancing must-pass appropriations and defense legislation and that a marijuana banking bill will require support from the GOP to advance.

Senator Schumer also stated that Democrats will also continue working with Republican colleagues on bipartisan bills, including one to safeguard cannabis banking, which received a hearing in the Senate Banking Committee in May.

Canopy Growth is an exhibitor at the Opal Group's Family Office & Private Wealth Management Forum 2023 from July 10 to July 12.

Related News: Why Shutterstock Shares Are Surging Today

CGC Price Action: According to data from Benzinga Pro, Canopy shares are trading 24% higher at 59 cents at the time of publication.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Image: GDJ from Pixabay