6:40 PM · 30 April 2024

Canopy Growth surges 24% as DEA moves to reclassify marijuana

The U.S. DEA (Drug Enforcement Administration) is reclassifying marijuana as a less-dangerous drug, according to Associated Press (AP) reports, which has sharply strengthened shares among traded companies linked to the canopy sector. Media sources suggest also that the U.S. Justice Department will recommend marijuana to be classified as schedule 3 instead of schedule 1, essentially making it a less serious criminal offense. The stock of Canopy Growth (CGC.US) is currently gaining 24%. Aurora Cannabis (ACB.US) shares are gaining more than 17% amid this information, which may be a 'historic shift'.

Source: xStation

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