Canopy Growth (NASDAQ:CGC) led cannabis stocks higher Monday in the wake of last week’s news that Vice President Kamala Harris had openly urged the DEA to quickly reclassify marijuana as a less dangerous substance.
Canopy stock soared 27% in early afternoon trading. Also climbing at least 10% were Medical Marijuana (OTCPK:MJNA), Village Farms (VFF), Aurora (ACB), Acreage (OTCQX:ACRHF), Tilray (TLRY) and Cresco Labs (OTCQX:CRLBF).
Harris made her remarks about the DEA potentially reclassifying marijuana from a Schedule I to a Schedule III substance on Friday.
Also impacting Canopy was news last Thursday that proxy advisory firm Glass Lewis was recommending shareholders approve a resolution authorizing the creation and issuance of a new class of non-voting shares along with a restatement of rights for its common stock to allow for conversion into exchangeable shares.
The Canadian company said the authorizations were part of its plan to accelerate its entrance into the US cannabis market by establishing a US-domiciled holding company called Canopy USA. The shareholder vote is scheduled for April 12.