Here's Why Canopy Growth Stock Rocketed Higher This Week

Shares of Canopy Growth (NASDAQ: CGC) gained a healthy 14.6% through the close of Thursday's bell this week, according to data from S&P Global Market Intelligence. Canada's largest dried-cannabis flower company by market share got a boost this week as a result of a leaked Republican-led bill that would reportedly remove marijuana from the list of federally controlled substances, set up a marijuana regulatory system, and create a 3.75% excise tax on cannabis product sales, according to an article by Marijuana Moment.

After word of the forthcoming bill leaked last Friday, Congresswoman Nancy Mace, a Republican from South Carolina, confirmed the rumor via Twitter Thursday morning. Rep. Mace noted in this tweet that the bill will be called the "My States Reform Act," and a draft copy of the legislation will be shared with the media at a gathering in Washington D.C. next Monday.

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