Top Reasons Cannabis Stocks Could See Higher Highs

Cannabis stocks may be some of the most controversial opportunities on the market. But many could also be rewarding – especially with these key catalysts.

Look at Canopy Growth (CGC), for example.

With several key catalysts ahead – such as potential rescheduling ahead of elections, a growing number of Americans’ approval of legalization, and an upcoming Florida vote on adult-use legalization – related stocks could see higher highs. 

Plus, the company’s shareholders just approved the creation of a new class of Exchangeable Shares, which will now Canopy to acquire U.S. assets.

“With this successful shareholder vote complete, our Canopy USA strategy is advancing and is poised to make Canopy the first and only U.S. listed cannabis company offering shareholders unique exposure to the rapid growth of the U.S. cannabis market,” said David Klein, Chief Executive Officer of Canopy Growth. “Canopy USA can now move quickly to acquire its U.S. assets in Wana, Jetty, and Acreage, and we expect Canopy Growth to begin highlighting Canopy USA’s financial performance to our shareholders later this year.”

In addition, according to Pew Research, 88% of Americans now say cannabis should be legal. Plus, more U.S. states, such as Florida may be on the cusp of adult-use legalization. As noted by Benzinga.com, At the beginning of April, the Florida Supreme Court proposed Amendment 3, which would legalize adult non-medical personal use of marijuana products and accessories. If approved, the proposal would take effect in May 2025.” 

We also have to consider we could see some action of rescheduling – and positive mentions of potential federal legalization – heading into the elections. In fact, with cannabis such a popular issue, it could help boost candidate votes.