Canopy Growth Corporation CGC shares are trading lower on Thursday. The stock appears to be pulling back after gaining more than 75% over the last five days.
What To Know:
The broader cannibis sector had been moving on upward momentum following a report fom Bloomberg last Thursday that Adm. Rachel Levine, the assistant secretary at Department of Health and Human Services (HHS) sent a letter to DEA Administrator, Anne Milgram, recommending that marijuana be rescheduled to a Schedule III substance.
Shares of CGC are moving lower Thursday on above-average trading volume. According to Benzinga Pro, more than 33.3 million shares have been traded in the session, compared to the stock’s 100-day average of 34.456 million shares.
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CGC Price Action: According to Benzinga Pro, Canopy Growth shares are down over 11% at 71 cents at the time of publication.
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