Canopy Growth: CGC stock in focus as cannabis decriminalization talks gain momentum

Canopy Growth Corporation (CGC) stock closed at $7.69 and is up $1.15 during pre-market trading.

Pre-market trading tends to be more volatile due to significantly lower volume as most investors only trade between standard trading hours.

Cannabis decriminalization in talks

The cannabis stock has witnessed a significant uptick in response to remarks made by Vice President Kamala Harris regarding the legalization of the drug.

Harris’s call for the decriminalization of cannabis has sparked a surge in investor interest, propelling CGC stock to remarkable heights.

CGC stock growth

Shares of Canopy Growth Corporation have skyrocketed by over 100% this week, according to data from S&P Global Market Intelligence.

President Biden’s recent mention of cannabis in the State of the Union address, advocating for its path to legalization in the United States, ignited optimism among investors.

Harris’s subsequent remarks have further fueled momentum in the cannabis sector, with investors aggressively purchasing stocks like Canopy Growth.

Cannabis stocks to gain

Investors seem to have interpreted these statements as a potential catalyst for federal legalization in the United States, which could significantly benefit companies like Canopy Growth.

Such a move would pave the way for expanded legal sales of cannabis products, bolstering the company’s revenue prospects.