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.
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CGC Price Action: According to Benzinga Pro, Canopy Growth shares are up 31% at 60 cents at the time of publication.
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Cannabis rescheduling seems to be right around the corner
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