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Canopy Growth Corporation (NASDAQ:CGC) shares are trading higher Monday. Cannabis stocks have gained recently as optimism regarding potential federal policy changes grows. Investors also assess Biden’s announcement that he will exit the 2024 presidential race.
The Details:
Optimism is growing among cannabis investors following a series of political developments in the United States. Mostly recently, President Joe Biden suspended his campaign and endorsed Vice President Kamala Harris as the Democratic Presidential candidate on Sunday.
Investors may be encouraged by the prospect of a Kamala Harris Presidential candidacy as she has been an outspoken proponent of the decriminalization of marijuana. Harris called the current classification of marijuana under federal law "absurd" during a White House event in March and said she is looking forward to seeing the Drug Enforcement Administration’s decision about moving it to a different category.
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Canopy Growth shares also rose last week following the selection of Sen. J.D. Vance (R-Ohio) as Donald Trump's Vice-Presidential running-mate.
According to a Marijuana Moment report, Vance believes states should set their own cannabis laws. He's also suggested that he’s against incarcerating individuals for low-level possession.
According to data from Benzinga Pro, Canopy Growth shares are trading about even with the stock’s 50-day moving average of $7.81, and the company will report its first-quarter results in early August.
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of Canopy Growth have increased by 99.01% in the past year. An investor who bought shares of Canopy Growth at the beginning of the year would make a profit of $3.07 per share if they sold it today. The stock has risen 12.37% over the past month, meaning an investor who bought shares on June 1 would see a capital loss of $0.16.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Canopy Growth stock currently has an RSI of 69.09, indicating neutral conditions.
For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.
CGC Price Action: According to Benzinga Pro, Canopy Growth shares are up 11.1% at $7.92 at the time of publication Monday.
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