Why Canopy Growth Corporation Stock Soared 100% This Week
Shares of Canopy Growth Corporation (NASDAQ: CGC) have rocketed higher this week, according to data from S&P Global Market Intelligence. The Canadian cannabis producer is up over 100% after Vice President Kamala Harris called for cannabis to be decriminalized as quickly as possible. Investors have taken this in stride and aggressively bought the stock.
As of 3:17 p.m. ET on Friday, March 22, shares of Canopy Growth are up 135.1% this week. Here's why.
In the State of the Union address earlier this month, President Biden discussed cannabis and said it should be on the path to legalization in the United States. Investors heard this news from the country's leader and decided to bid up cannabis stocks. After more reports came out, momentum has returned to these cannabis names, with investors bidding up stocks like Canopy Growth. It has nothing to do with any fundamental changes in the business.
Source Fool.com
