It’s been a great month or two for Canopy Growth (TSX:WEED), with shares of the cannabis stock continuing to climb on the back of some positive news — not just for the company but for the United States.
But is it enough? Let’s look at what’s been going on with Canopy Growth stock and whether now is the time to buy or not.
What happened?
First let’s get into what happened for Canopy Growth stock to rise so far. The company saw a surge in share price by up to 80% on the back of cannabis-related news in the United States. News hit the headlines that the Drug Enforcement Administration (DEA) would be going forward with reclassifying marijuana.
This is huge news and something the Biden administration has been working on since coming into office. While many states now legalize marijuana, it is still classified federally as a Schedule I substance by the DEA. This classification puts it in the same category as strong substances…
