Shares of cannabis stocks have been quite volatile in recent trading sessions. Several pot stocks, such as Canopy Growth (CGC), gained significant momentum last week on news that the U.S. Drug Enforcement Administration (DEA) might reclassify marijuana as a less dangerous drug, which might eventually lead to its legalization at the federal level.
Valued at a market cap of $1.03 billion, Canopy Growth stock has more than doubled in 2024, up 100.2% on a YTD basis. However, the Canadian cannabis giant still trades 46% below its 52-week highs, and 98% below all-time highs.
