Written by Amy Legate-Wolfe at The Motley Fool Canada
It didn’t look possible. And yet, here we are. Shares of Canopy Growth (TSX:WEED) have absolutely surged in the last few weeks. There are macro reasons, but those reasons affect the company more than some of its peers. So, let’s get into them and why Canopy Growth stock could be a screaming buy right now on the TSX today, especially for long-term shareholders.
Reclassification
The most recent hurdle that looks good for the company comes from the United States. The Drug Enforcement Administration (DEA) looks as though it will reclassify marijuana as a less dangerous drug. This has sparked investor optimism for eventual U.S. federal legalization, which could be a massive boon for Canadian cannabis companies like Canopy Growth stock.
This reclassification is huge news for the cannabis sector. Removing marijuana from Schedule I (the most dangerous drug…
