Shares of Canopy Growth Corp. (CGC) soared 21.7% in very active afternoon trading, reaching a near four-month high. This marks the fifth double-digit percentage gain in just seven sessions, catapulting the stock’s value by an impressive 130% over this span.
Impressively, Canopy Growth Corp. witnessed substantial trading volume of 107.7 million shares as of Friday afternoon. This marks the fourth day in the past six sessions that witnessed trading volumes exceeding 100 million shares. In contrast, the average trading volume over the past month rests at 36.3 million shares.
The recent surge in stock value follows a statement from Senate Banking Committee chair Sherrod Brown indicating an “imminent agreement” on the SAFE Banking Act, as stated in a Politico report. The potential passage of this act could significantly ease interactions between the financial industry and cannabis companies.
Other cannabis stocks have experienced positive gains as well, including Tilray Brands Inc. (TLRY), with a gain of 2.4%, Cronos Group Inc., which climbed 6.0%, and Aurora Cannabis Inc. (ACB), which jumped 12.5%. The AdvisorShares Pure US Cannabis ETF (MSOS) also rose by 7.5% on a trading volume of 13.9 million shares, compared to its full-day average of about 5.6 million shares. In contrast, the S&P 500 slipped 0.1% during this period.
The cannabis ETF has witnessed an astounding 77% surge over the course of the last seven sessions.
