Shares of cannabis stocks have been quite volatile in recent trading sessions. Several pot stocks, such as Canopy Growth (CGC), gained significant momentum last week on news that the U.S. Drug Enforcement Administration (DEA) might reclassify marijuana as a less dangerous drug, which might eventually lead to its legalization at the federal level.
Valued at a market cap of $1.03 billion, Canopy Growth stock has more than doubled in 2024, up 100.2% on a YTD basis. However, the Canadian cannabis giant still trades 46% below its 52-week highs, and 98% below all-time highs.
Let’s see if the recent developments can help CGC stock stage a comeback in 2024 and beyond, or if the pot stock’s rally has gotten too hot.
Will the U.S. Reclassify Marijuana in 2024?
According to a detailed report from The Associated Press, the reclassification proposal of marijuana still has to be reviewed and approved by the White House Office of…
