Canopy Growth (CGC)

Dec 5, 2022Trade Ideas

CGC Chart by TradingView

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

All thanks to multiple catalysts. One, a majority of Americans support the legalization of cannabis. Two, more states are legalizing its use for medicinal and recreational purposes. Three, according to Marijuana Moment, “The head of the U.S. Department of Health and Human Services (HHS) says that the Biden administration is committed to supporting evidence-based policies for marijuana as it works to complete a review of federal cannabis scheduling that was directed by the president.”

In addition, late last week, President Biden signed a cannabis research bill. Into law—a historic first for potential federal reform. “The landmark legislation, which is intended to make it easier for scientific researchers to study the plant, also calls on the federal government to look into the potential therapeutic benefits of marijuana and could thus help steer the ongoing rescheduling review Biden launched in October,” added MJBizDaily.com.

Late last week, shares of CGC were up about 10% on the news. Better, Friday volume soared to 35.3 million, as compared to daily average volume of 14.4 million.

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