Why Canopy Growth, Aurora Cannabis, and Curaleaf Stocks All Popped Today

Marijuana stocks just keep lighting up. Ever since the U.S. Department of Health and Human Services told the Drug Enforcement Agency last month that it thinks cannabis should be knocked down from a Schedule I narcotic to Schedule III status, cannabis companies like Aurora Cannabis (NASDAQ: ACB), Canopy Growth (NASDAQ: CGC), and Curaleaf Holdings (OTC: CURLF) have been hitting progressively higher highs and lower lows.

And Friday is no exception. As of 2:25 p.m. ET, Aurora Cannabis shares are up 9.4%, while Curaleaf is tacking on 14.4%, and Canopy Growth lives up to its name, growing faster than anybody else at 16.4%.

So why the continued enthusiasm over news that's more than a week old already? It's because the news just keeps getting better and better for marijuana investors. Last weekend, for example, President Biden threw his support behind legalizing medical marijuana. And on Wednesday, Senate Majority Leader Chuck Schumer, the New York Democrat, said he hopes to make progress on passing the Secure and Fair Enforcement (SAFE) Banking Act this session, making it easier for marijuana businesses to access banking services.

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Source Fool.com