Of all the cannabis stocks out there, one of the most popular has to be Canopy Growth (TSX:WEED). The cannabis stock came to the forefront during the cannabis boom of 2017. However, since then, shares have dropped so low that the company was forced to merge shares.
However, in April, shares of Canopy Growth stock surged by over 80%! So, what on earth actually happened?
The broader issue
The biggest issue you may have seen already, with headlines coming out that cannabis looks like it will be heading towards reclassification in the United States. And this is huge news for companies like Canopy Growth stock.
Cannabis has been labelled a Schedule III substance by the United States Drug Enforcement Administration (DEA) for over 50 years. This puts it in the same category as substances such as heroin. However, under the new ruling, it would bring it down to Schedule III. Here, it would be grouped with substances such as Tylenol with…
