Chart of Day: Canopy Growth (CGC) – 5/19

Cannabis stocks, like Canopy Growth (SYM: CGC) could see higher highs.

With several key catalysts ahead – a growing number of Americans approval of legalization, and an upcoming Florida vote on adult-use legalization – CGC is racing higher.

Today, after finding support at $9, the cannabis stock is now up to $11.39.


From here, we’d like to see it retest $15 initially. Helping, the Justice Department just took a significant step toward rescheduling marijuana Thursday, formalizing its process to reclassify the drug as lower-risk and remove it from a category in which it has been treated as more dangerous than fentanyl and meth,” according to NBC News.

“The Drug Enforcement Administration submitted a notice of proposed rulemaking in the Federal Register on Thursday afternoon, triggering a 60-day comment period that will allow members of the public to submit remarks regarding the rescheduling proposal before it is finalized,” they added.

Plus, as we near the presidential election, we could hear more about the potential for legalization at the federal level, which could send CGC even higher.

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