There are numerous reasons that investors have been considering Canopy Growth (TSX:WEED) on the TSX today. But perhaps the biggest reason of all has been the recent news from the United States.
Word has gotten out that the U.S. Drug Enforcement Administration (DEA) will be reclassifying cannabis. That is, as long as it gets the approval through a public hearing. Even it will take quite some time to come into effect.
But why does this matter for Canopy Growth stock?
U.S. expansion
The rescheduling of marijuana as a Schedule I narcotic is huge, and we can’t pretend that it isn’t. Right now, it’s classified with the likes of heroin. But by classifying it as a Schedule III substance, it would be put in the same class as Tylenol with codeine.
This would also improve the stigma around marijuana, and not just improve those caught holding marijuana on their person illegally. And this reduction in the…
