Canopy Growth Corporation CGC shares are trading higher Friday. The stock has fallen nearly 40% over the last five days, but remains up 75% for the month.
What To Know:
The cannabis sector has seen an uptick in interest among investors as several recent news items have renewed hope for the ailing sector.
On Aug. 30, reports surfaced of an official recommendation from the Department of Health and Human Services to the DEA to reschedule marijuana from a Schedule I to a Schedule III substance.
Investors also have their attention on another attempt at cannabis-related banking reform as the Senate Banking Committee prepares to hold a markup of the Secure and Fair Enforcement Banking Act (SAFE) on Sept. 27
Canopy Growth shares are up on heavy trading volume. According to data from Benzinga Pro, more than 42.5 million shares have already been traded in the session, compared to the stock's 100-day average of 52.027 million shares.
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CGC Price Action: According to Benzinga Pro, Canopy Growth shares are up 8% at 83 cents at the time of publication.
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