Canopy Growth Corporation (NASDAQ:CGC) saw its stock price rally last week, gaining nearly 50% at peak rally, based on the rally among cannabis stocks amid reports DEA may reclassify drug as less risky
The rally cooled off by market end Friday with Canopy still up 37% for the week. Other Canadian cannabis LPs and US cannabis support stocks saw rallies over the week including Tilray (TLRY) up 28%, Village Farms (VFF) up 18%, and GrowGeneration (GRWG) up 25%. United States multi-state cannabis operators (MSOs) also saw rallies this week, since the news will benefit them the most. Trulieve Cannabis Corp. (OTCQX:TCNNF) was up 62%; Green Thumb Industries (OTCQX:GTBIF) was up 40%; and Curaleaf Holdings, Inc. (OTCPK:CURLF) was up 37%. The news is good all around, but the cannabis sector has been on a severe downtrend for over a year. Canopy’s stock price has declined 84% over the last year and 98% over the last five years. The question on the mind of investors is whether this is the final dip and now is the time to buy as this new uptrend or accumulation phase emerges. For now it seems the rally is over since the plant has not been officially rescheduled yet. The Safe Banking Act is on the agenda for the year, but there is no further progress.
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The rally cooled off by market end Friday with Canopy still up 37% for the week. Other Canadian cannabis LPs and US cannabis support stocks saw rallies over the week including Tilray (TLRY) up 28%, Village Farms (VFF) up 18%, and GrowGeneration (GRWG) up 25%. United States multi-state cannabis operators (MSOs) also saw rallies this week, since the news will benefit them the most. Trulieve Cannabis Corp. (OTCQX:TCNNF) was up 62%; Green Thumb Industries (OTCQX:GTBIF) was up 40%; and Curaleaf Holdings, Inc. (OTCPK:CURLF) was up 37%. The news is good all around, but the cannabis sector has been on a severe downtrend for over a year. Canopy’s stock price has declined 84% over the last year and 98% over the last five years. The question on the mind of investors is whether this is the final dip and now is the time to buy as this new uptrend or accumulation phase emerges. For now it seems the rally is over since the plant has not been officially rescheduled yet. The Safe Banking Act is on the agenda for the year, but there is no further progress.
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