Why Canopy Growth Stock Rocketed 14% Higher Today
The market was high on marijuana stocks Friday, with positive news from the White House juicing the stock prices of many of the sector's companies. One was Canadian pot purveyor Canopy Growth (NASDAQ: CGC) whose U.S.-listed shares closed the day a meaty 14% higher. That meant a convincing beat over the S&P 500's gain, which was less than 0.2% across the trading session.
That morning, President Joe Biden expanded his pardon of individuals convicted of certain marijuana possession offenses. Widening a general pardon he decreed toward the end of 2022, he is now legally forgiving "additional offenses of simple possession and use of marijuana under federal and D.C. law," in his words.
Under the new proclamation, such offenses include cannabis "use and possession on certain Federal lands."
Source Fool.com
