What's Going On With Canopy Growth Stock? - Canopy Gwth (NASDAQ:CGC)
The value of Canopy Growth Corp (CGC) stocks is currently spiking at a rapid pace, with an increase of 11.6% to $1.04 on Monday morning, in response to the recent surge in the cannabis industry.
Over the last week, shares related to marijuana have increased due to reports concerning the suggested reclassification of cannabis by the Department of Health and Human Services (HHS). The suggested reclassification would result in cannabis being classified as a lower-risk drug.
Despite facing a lot of competition, the stock of Canopy Growth has increased by more than half in just the past week.
Unique: Point of No Return for Cannabis, Verano Chief Executive Officer Shares Thoughts on HHS Rescheduling Suggestion.
A noteworthy individual from the Department of Health and Human Services penned a letter on August 29 that Bloomberg News had access to. In the correspondence, the individual pleaded with DEA Administrator Anne Milgram for marijuana to be moved from Schedule I to Schedule III in the Controlled Substances Act.
This change is quite significant, considering that Schedule I drugs consist of intensely misused substances such as heroin.
The suggestion is based on an assessment made by the FDA concerning how marijuana has been classified. In line with the Controlled Substances Act, the substances are grouped according to how they are utilized for medical purposes, its susceptibility to being mistreated, and the safety it provides.
Come and join us in Chicago on September 27-28 for the Benzinga Cannabis Capital Conference, where we will be discussing the changing circumstances within the cannabis industry. It's an event you won't want to skip out on!
Purchase your tickets now to lock in your attendance at the prime location for cannabis investment and branding, before ticket prices rise.
As per information provided by Benzinga Pro, CGC's highest value recorded in the past 52 weeks was $4.77, whereas its lowest recorded value during the same period was $0.35.
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