Canopy Growth Corp (WEED)

[JawJacker]

Shares in Canadian Marijuana Firm Canopy Growth Nearly Double in One-Day Surge

https://themessenger.com/business/shares-in-canadian-marijuana-firm-canopy-growth-nearly-double-in-one-day-surge

Investors in cannabis companies appear optimistic that US officials will no longer classify pot in the same category as heroin
Shares of Canopy Growth soared more than 81% on Monday to close at $1.69, as investors bet that the Ontario-based company will get good news from U.S. regulators on drug classifications.

The cannabis company's stock has tripled in the two weeks since U.S. officials asked the U.S. Drug Enforcement Agency to ease its classifications of marijuana.

Investors appear to be wagering that the request will result in a ruling that's positive for pot companies. Canopy Growth shares are still far below their record high of more than $51 in 2018, and had been in penny stock territory since May.
Other cannabis companies also saw gains Monday. Edmonton, Canada-based Aurora Cannabis shares jumped 72%, while New Tilray Brands in New York saw a nearly 10% bump.

On Aug. 29, the U.S. Department of Health and Human Services asked the DEA to reclassify pot as a Schedule III drug under the Controlled Substance Act. Marijuana is currently classified as Schedule I drug, on par with heroin.
The reclassification would treat marijuana as a medication with "a moderate to low potential for physical and psychological dependence."

Among marijuana companies, "Canopy Growth is the most likely to benefit because of its options for the U.S. assets it seeks to consolidate under Canopy USA," Morningstar strategist Kristoffer Inton wrote last month.

RUMP !