Why Canopy Growth Stock Was on Fire Today
An apparently top-down new push to effectively decriminalize marijuana was the spark that lit Canopy Growth (NASDAQ: CGC) stock on Wednesday. That allowed the Canadian pot purveyor to easily surmount the hump of Hump Day, with its stock closing nearly 13% higher. That was a far better performance than the 0.4% rise of the S&P 500 index.
Before market open this morning, Bloomberg reported that an unnamed "top official" at the government's Department of Health and Human Services (HHS) formally requested that marijuana be reclassified as a far less threatening drug than at present.
The HHS official addressed the letter to the Drug Enforcement Agency's (DEA) administrator, Anne Milgram. Bloomberg wrote that it had seen the letter, and a DEA spokesperson it did not name acknowledged the agency received it.
Source Fool.com
