Why Canopy Growth Stock Is Flying High Today
Shares of Canopy Growth (NASDAQ: CGC) were flying 19.2% higher as of 10:06 a.m. ET on Monday after jumping as much as 21.8% higher earlier in the morning. The gain came after Vice President Kamala Harris on Friday called for the federal government to move more quickly on rescheduling marijuana.
Harris held a roundtable discussion on marijuana reforms at the White House. She stated during the meeting that the current scheduling of marijuana as a Schedule I drug alongside heroin is "absurd" and "patently unfair." The Biden administration has initiated efforts to reschedule marijuana to Schedule III, which would categorize the drug as having a "moderate to low potential for physical and psychological dependence."
Importantly, rescheduling marijuana to Schedule III would not make the drug legal at the federal level in the U.S. Canopy Growth would still be prohibited from entering the U.S. market and maintaining its listing on the Nasdaq stock exchange.
Source Fool.com
