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Why Canopy Growth Stock Is Flying High This Week

TheMotleyFool

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Shares of Canadian marijuana company Canopy Growth (NASDAQ: CGC) have rocketed more than 25% higher so far this week as of Friday morning, according to data provided by S&P Global Market Intelligence. The big jump came after a company announcement, but there has also been positive macro news from the sector.

Canopy Growth shares spiked on Tuesday on news the company was accelerating its push into the U.S. cannabis market and establishing a new holding company to drive that. That should help the company take advantage of that huge market, should federal legalization occur. And there is growing momentum for that to happen, according to new poll results released this week.

Image source: Getty Images.

Source Fool.com

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