Canopy Growth (NASDAQ: CGC) stock surged 9.4% through noon ET Monday morning -- and it's not hard to figure out why.

Over the weekend, as you may have heard, President Joe Biden announced he will not run for reelection this year, and Vice President Kamala Harris is currently the most likely candidate to take his place. Investors who recall the VP's pro-marijuana legalization comments from the last election are betting this bodes well for marijuana stocks in general... and for Canopy Growth stock in particular.

Four years ago, plus or minus a few months, then-Senator Harris made news when, in the course of a debate with then-VP Mike Pence, she promised that a Biden-Harris administration would "decriminalize marijuana, and we will expunge the records of those who have been convicted of marijuana."

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Source Fool.com