Canopy Growth (CGC) And Other Cannabis Stocks Rise With Chuck Schumer’s Confidence in Passing Legislation
Canopy Growth (CGC) has soared 18% for the day, as Chuck Schumer says Congress is “”very close to passing cannabis banking and expungement legislation.”
The Cannabis industry as a whole, reacted favorably in the market, as seen by the PRISM Cannabis Index, which is up 8.1% for the day, the highest of all the indexes by a wide margin.
Investors and legislators are optimistic about the future of Cannabis in the United States. The legislation would open up banking services to legal cannabis companies and erase criminal records for marijuana convictions.
About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NASDAQ:CGC) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, we offer product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Our global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany. Through our award-winning Tweed and Tokyo Smoke banners, we reach our adult-use consumers and have built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada, the United States, and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional hemp derived CBD products to the United States through our First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands. For more information visit www.canopygrowth.com.