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Canopy Growth Rises

00:01:19

Canopy Growth Corp ($CGC@US) — on the NASDAQ at CGC — was trading higher Friday and today on continued legalization hopes amid a Republican-led marijuana legalization bill. In the Republican bill, cannabis would be federally descheduled and treated in a manner similar to alcohol with a 3.75 percent excise tax on cannabis sales. A similar Democratic bill, currently stalled in Congress, proposes to federally deschedule cannabis, expunge prior convictions, allow people to petition for resentencing, maintain the authority of states to set their own marijuana policies, and remove collateral consequences like immigration-related penalties for people who’ve been criminalized. However, there is no guarantee that President Biden would sign either bill if it reaches his desk. The President is known to be a strong opponent of full cannabis legalization, although he has indicated that he would permit decriminalization or medical use measures. Canopy Growth stock is also moving in sympathy with Sundial Growers ($SNDL@US)—NASDAQ at SNDL — which reported its third-quarter financial results and announced a share repurchase program. Sundial reported quarterly net earnings of $11.3 million Canadian dollars, which is up from a loss of $71.4 million CAD year-over-year. Sundial reported quarterly net revenue from cannabis segments of CAD $14.4 million, representing a 12% increase year-over-year. Canopy Growth, headquartered in Smiths Falls, Canada, cultivates and sells medicinal and recreational cannabis and hemp through a portfolio of brands. Canopy Growth has traded as high as $56.49 and as low as $11.31 over a 52-week period. The stock was up 12.94% at $15.27 at time of publication.

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