Canopy Growth Corp (WEED)

[john1311]

Cannabis company Canopy applauds Biden’s marijuana pardons as stock surges

Canopy Growth Corporation shares jumped 22% Thursday after President Joe Biden announced he’ll pardon thousands of people for federal marijuana offenses.
The Canada-based cannabis company applauded Biden’s decision.


https://www.cnbc.com/2022/10/06/cannabis-company-canopy-applauds-biden-marijuana-pardons-stock-surges.html

Canopy Growth applauded President Joe Biden’s announcement Thursday that he will pardon thousands of people convicted of marijuana possession.

“Today represents action from the Administration that we have been waiting for – an acknowledgement that cannabis prohibition has failed and that too many lives have been significantly impacted as a result,” David Culver, vice president of government relations Canopy, said in a statement.

Shares of the Canadian-based cannabis company, the world’s largest, jumped 22% after the news, closing at $3.75. Shares of fellow cannabis firm Tilray Brands
gained over 30%. Tilray couldn’t be reached for comment by CNBC.

“President Biden, in keeping with his campaign commitments, has set into motion the actions needed to heal the harms of the past and chart a course for responsible, legal cannabis markets in the future,” Culver said.