Canopy Growth (CGC)

Mar 31, 2022Trade Ideas

Cannabis stocks, like Canopy Growth (CGC) , could race to higher highs.

All as the House Rules Committee holds a hearing on the Marijuana Opportunity Act (MORE Act), a bill which could decriminalize marijuana.

“When the MORE Act reaches the floor,” says Marijuana Moment, “it will mark the second time in history that cannabis legalization legislation has been taken up by a full chamber of Congress. An earlier version of the bill passed the House in 2020, but stalled in the Senate.”

Should it pass through the House and Senate this time, it’ll go to President Biden for his signature. A vote on the House bill is expected by tomorrow, April 1.

As noted by CNBC: “Canopy Growth CEO David Klein said federal legalization would be transformative for the Canada-based company in the eyes of investors. Canopy bought MSO Acreage for $3.4 billion in 2019, it sells the Martha Stewart’s CBD line in the U.S. and it acquired U.S. cannabis edible brand Wana in a $298 million deal in October 2021.”


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