What’s Going On With Weed Stocks Canopy Growth, Aurora Cannabis And Tilray?
Cannabis stocks Canopy Growth Corporation (NASDAQ:CGC), Aurora Cannabis, Inc. (NASDAQ:ACB) and Tilray Brands, Inc. (NASDAQ:TLRY) shares are trading lower Wednesday after soaring following reports that the DEA will move to reschedule marijuana.
The Details:
Cannabis stocks saw a short-lived rally Tuesday following reports that the DEA will move to reschedule marijuana from a Schedule I to a Schedule III substance. The DEA’s proposal would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than Schedule I substances.
The proposal must be reviewed by the White House Office of Management and Budget and is subject to a public comment period before an official reclassification can be made.
Canopy Growth shares surged more than 75% Tuesday, though the stock is giving back some gains Wednesday. Canopy’s …