Canopy Growth’s Stock Surge Amid U.S. Marijuana Policy Shift: Is the Rally Just Getting Started?

Photo of author
Written By Jackson Hartwell

The stock of Canopy Growth Corporation (NASDAQ: CGC), a well-regarded player in the cannabis industry, experienced a significant jump, climbing 19.2% as of 10:06 a.m. ET on Monday, with an earlier peak at 21.8%.

This remarkable surge was primarily fueled by encouraging comments from Vice President Kamala Harris about the U.S. federal government’s efforts to expedite the rescheduling of marijuana.

These developments mark a potential turning point for both the cannabis industry and its investors, igniting optimism about the future of cannabis regulation and its impact on the market.

Vice President Harris Advocates for Marijuana Rescheduling

During a focused roundtable on marijuana reform at the White House, Vice President Harris pointedly criticized the current classification of marijuana as a Schedule I drug, which places it in the same category as heroin, calling this classification “absurd” and “patently unfair.”

Credit: DepositPhotos

This stance by the Vice President underscores a growing acknowledgment within the federal government of the need to re-evaluate and potentially reform cannabis legislation.

The Biden administration has initiated steps towards reclassifying marijuana as a Schedule III substance, which denotes a “moderate to low potential for physical and psychological dependence,” thereby indicating a significant shift in federal policy and sparking new discussions around cannabis laws and regulations.

Read More: Lithium Americas Corp’s Strong Performance Shows its Strength in Securing Financial Backing in a Volatile Market

A New Dawn for Cannabis Legislation

The potential reclassification of marijuana to Schedule III represents a strategic opportunity for Canopy Growth.

Although not amounting to federal legalization, such a move would dramatically alter the landscape for cannabis companies, especially those like Canopy Growth that are currently hindered from direct entry into the U.S. market due to its Schedule I status while maintaining their listings on major stock exchanges such as Nasdaq.

Through the establishment of a U.S.-based holding company, Canopy USA, Canopy Growth has already positioned itself to swiftly capitalize on legislative changes, planning to exercise rights to acquire several U.S. cannabis operations, including Acreage Holdings and Lemurian.

This strategic maneuver could significantly enhance Canopy Growth’s market presence and operational capabilities.

Canopy Growth’s U.S. Market Aspirations

However, despite the optimistic outlook for Canopy Growth and the broader cannabis industry, the investment landscape remains complex and nuanced.

The anticipated rescheduling of marijuana would benefit a wide array of cannabis companies, many of which are already profitable and have a solid footing in the U.S. market.

Also Read: This Stock Looks Like It Has Much More Upside Potential 

Investment Landscape: Evaluating Canopy Growth’s Prospects

This competitive environment indicates that while Canopy Growth stands to benefit from the changing legislative backdrop, investors, particularly those with a risk-averse profile, might view the overall cannabis sector as fraught with volatility.

On the other hand, aggressive investors seeking high-growth opportunities might find more attractive prospects outside Canopy Growth, given the diverse dynamics within the industry and the varying performances of individual companies.

The Broader Impact on Cannabis Investments

In summary, the comments from Vice President Harris and the ensuing stock rally for Canopy Growth Corporation highlight a pivotal moment in the evolution of the cannabis industry within the United States.

Credit: DepositPhotos

While the potential rescheduling of marijuana opens up new avenues for growth and expansion, especially for companies like Canopy Growth, the broader implications for the investment community are multifaceted.

Investors must navigate a landscape marked by both significant potential and considerable uncertainty, weighing the prospects of legislative change against the inherent risks and opportunities presented by the cannabis market.

Read Next: Is The Sudden Downturn for SentinelOne a Buying Opportunity?


You should read and understand this disclaimer in its entirety before joining or viewing the website or email/blog list of (the “Publisher”). The information (collectively the “Advertisement”) disseminated by email, text or other method by the Publisher including this publication is a paid commercial advertisement and should not be relied upon for making an investment decision or any other purpose. The Publisher is engaged in the business of marketing and advertising the securities of publicly traded companies in exchange for compensation. The track record, gains, upside, and/or losses mentioned in the Advertisement, if any, should not be considered as true or accurate or be the basis for an investment. The Publisher does not verify the accuracy or completeness of any information included in the Advertisement. While the Publisher does not charge for the SMS service, standard carrier message and data rates may apply. To unsubscribe from receiving promotional text messages to your phone sent via an autodialer, using your phone reply to the sender’s phone number with the word STOP or HELP for help.

The Advertisement is not a solicitation or recommendation to buy securities of the advertised company. An offer to buy or sell securities can be made only by a disclosure document that complies with applicable securities laws and only in the states or other jurisdictions in which the security is eligible for sale. The Advertisement is not a disclosure document. The Advertisement is only a favorable snapshot of unverified information about the advertised company. An investor considering purchasing the securities, should always do so only with the assistance of his legal, tax and investment advisors. Investors should review with his or her investment advisor, tax advisor or attorney, if and to the extent available, any information concerning a potential investment at the web sites of the U.S. Securities and Exchange Commission (the "SEC") at; the Financial Industry Regulatory Authority (the "FINRA") at, and relevant State Securities Administrator website and the OTC Markets website at The Publisher cautions investors to read the SEC advisory to investors concerning Internet Stock Fraud at, as well as related information published by the FINRA on how to invest carefully. Investors are responsible for verifying all information in the Advertisement. As an advertiser, we do not verify any information we publish. The Advertisement should not be considered true or complete.

The Publisher does not offer investment advice or analysis, and the Publisher further urges you to consult your own independent tax, business, financial and investment advisors concerning any investment you make in securities particularly those quoted on the OTC Markets. Investing in securities is highly speculative and carries an extremely high degree of risk. You could lose your entire investment if you invest in any company mentioned in the Advertisement. You acknowledge that we are not an investment advisory service, a broker-dealer or an investment adviser and we are not qualified to act as such. You acknowledge that you will consult with your own independent, tax, financial and/or legal advisers regarding any decisions as to any company mentioned here. We have not determined if the Advertisement is accurate, correct or truthful. The Advertisement is compiled from publicly available information, which include, but are not limited to, no cost online research, magazines, newspapers, reports filed with the SEC or information furnished by way of press releases. Because all information relied upon by us in preparing an advertisement about an issuer comes from a public source, it is not reliable, and you should not assume it is accurate or complete.

By your subscription to our profiles, the viewing of this profile and/or use of our website, you have agreed and acknowledged the terms of our full disclaimer and privacy policy which can be viewed at the following link: and

By accepting the Advertisement, you agree and acknowledge that any hyperlinks to the website of (1) a client company, (2) the party issuing or preparing the information for the company, or (3) other information contained in the Advertisement is provided only for your reference and convenience. The advertiser is not responsible for the accuracy or reliability of these external sites, nor is it responsible for the content, opinions, products or other materials on external sites or information sources. If you use, act upon or make decisions in reliance on information contained in any disseminated report/release or any hyperlink, you do so at your own risk and agree to hold us, our officers, directors, shareholders, affiliates and agents harmless. You acknowledge that you are not relying on the Publisher, and we are not liable for, any actions taken by you based on any information contained in any disseminated email or hyperlink.