ACB - Why Canopy Growth Stock Popped 10% on Friday
2023-09-22 14:02:00 ET
Marijuana stocks moved higher on Friday, with cannabis company Canopy Growth (NASDAQ: CGC) gaining 9.5% through 12:40 p.m. ET and Aurora Cannabis (NASDAQ: ACB) rising 3.4%.
Political maneuvering in Washington and how investors are interpreting it might explain why investors are enthusiastic about marijuana stocks. Unfortunately, these same investors may be drawing the wrong conclusions.
So what are the politicos up to this time? On the one hand, there's real progress in the Senate, with efforts to advance a Secure and Fair Enforcement (SAFE) Banking Act that would permit banks to provide services to marijuana businesses in states that have legalized cannabis sales. By all accounts, this bill should exit committee and head to the Senate floor for consideration as early as next week.
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Why Canopy Growth Stock Popped 10% on Friday