Canopy Growth (CGC)

Nov 15, 2021Trade Ideas

Keep an eye on cannabis stocks, like Canopy Growth (CGC).

Many are moving on hopes for legalization.

In fact, according to Marijuana Moment, a legalization bill from Rep. Nancy Mace (R-SC) may be imminent, and could de-schedule and regulate cannabis.

Here are some of the details of the potential bill, according to that article;

  • Cannabis would be federally de-scheduled and treated in a manner similar to alcohol.
  • A 3.75 percent excise tax would be imposed on cannabis sales. Revenue would support grant programs for community reentry, law enforcement and Small Business
  • Administration aid for newly licensed businesses.
  • The Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau (TTB) would be the chief regulator for marijuana with respect to interstate commerce.
  • The legislation would grandfather existing state-licensed cannabis operators into the federal scheme to ensure continued patient access
  • People with certain federal cannabis convictions that were non-violent would be eligible for expungements.
  • To prevent youth use, there would be a mandatory 21 age limit for recreational cannabis, and the bill also prescribes certain restrictions on things like advertising.
  • The Bureau of Labor Statistics (BLS) would be required to issue a report to Congress on the marijuana industry.

If it happens, cannabis stocks could see higher highs.

On speculation, CGC for example jumped 13% on Friday on volume of 14.8 million, as compared to daily average volume of five million shares.


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