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Tag: Canopy Growth Corp

  • Canopy Growth stock soars on heavy volume again, amid cannabis investor optimism over possible favorable legislation

    Canopy Growth stock soars on heavy volume again, amid cannabis investor optimism over possible favorable legislation

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    Shares of Canopy Growth Corp.
    CGC,
    +22.61%
    shot up 21.7% toward a near four-month high in very active afternoon trading, putting them on track for the fifth double-digit percentage gain in seven sessions. The stock has rocketed 130% over the past seven session. Trading volume was 107.7 million shares as of Friday afternoon, to mark the fourth 100+-million-share volume day in the past six sessions, while the average volume over the past 30 days was about 36.3 million shares. The stock’s surge comes as Senate Banking Committee chair Sherrod Brown said Wednesday that there is “an agreement imminent” on the SAFE Banking Act, according to a Politico report, which could make it easier for the financial industry to work with cannabis companies. Among other cannabis stocks, shares of Tilray Brands Inc.
    TLRY,
    +2.03%
    gained 2.4%, of Cronos Group Inc. climbed 6.0% and of Aurora Cannabis Inc.
    ACB,
    +14.75%
    jumped 12.5%. The AdvisorShares Pure US Cannabis ETF
    MSOS,
    +3.88%
    rose 7.5% on volume of 13.9 million shares, compared with the full-day average of about 5.6 million shares, while the S&P 500
    SPX,
    +0.14%
    slipped 0.1%. The cannabis ETF has soared 77% over the past seven sessions.

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  • Cannabis company Canopy applauds Biden’s marijuana pardons as stock surges

    Cannabis company Canopy applauds Biden’s marijuana pardons as stock surges

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    Canopy Growth operations in Smiths Falls, Ontario.

    Tom Franck | CNBC

    Canopy Growth applauded President Joe Biden’s announcement Thursday that he will pardon thousands of people convicted of marijuana possession.

    “Today represents action from the Administration that we have been waiting for – an acknowledgement that cannabis prohibition has failed and that too many lives have been significantly impacted as a result,” David Culver, vice president of government relations Canopy, said in a statement.

    Shares of the Canadian-based cannabis company, the world’s largest, jumped 22% after the news, closing at $3.75. Shares of fellow cannabis firm Tilray Brands gained over 30%. Tilray couldn’t be reached for comment by CNBC.

    “President Biden, in keeping with his campaign commitments, has set into motion the actions needed to heal the harms of the past and chart a course for responsible, legal cannabis markets in the future,” Culver said.

    The move could be a step toward a broad loosening of the federal classification of the drug. More than 6,500 individuals with prior convictions for simple marijuana possession were impacted by the pardons, according to the White House. This includes thousands more through pardons under D.C. law. 

    “There are thousands of people who have prior federal convictions for marijuana possession, who may be denied employment, housing, or educational opportunities as a result. My action will help relieve the collateral consequences arising from these convictions,” Biden said in a statement announcing the pardons.

    Biden urged governors to issue similar pardons for cases regarding state offenses of civil possession of marijuana.

    In an earnings report Thursday morning, Constellation Brands, which owns 36% of Canopy’s outstanding shares, said it took a $1 billion writedown related to its stake in the cannabis company.

    Canopy’s stock has fallen more than 70% in the last 12 months amid slowing sales across the cannabis industry. The stock is more than 90% off its all-time high of $56.89.

    –CNBC’s Christina Wilkie contributed to this report.

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