Cannabis stocks are burning bright.
Canopy Growth (CGC) rallied from about 40 cents to a high of $1.90 before backing off. It’s trying to push higher again, though.
Curaleaf (CURLF) jumped from $2.75 to a high of $5.75. Even Innovative Industrial Properties (IIPR) ran from about $76 to about $90.
All thanks to some big catalysts.
For one, the Department of Health and Human Services recommended that the U.S. government reschedule marijuana. The proposed change would reclassify marijuana from a Schedule I substance to a Schedule III substance.
Two, the SAFE Banking Act could soon pass. While it won’t legalize marijuana, it will give U.S.-based marijuana companies the ability to do business with the big banks. Both could finally signal the federal government is taking a serious look at cannabis legalization.
Helping, House Democrats just filed a Marijuana Legalization and Expungements Bill, which, if it goes through, could be another sizable catalyst.
