In pre-market trading on Monday, Germany’s approval of a bill legalizing personal cannabis use sent shares of Canopy Growth Corporation (NASDAQ: CGC) and Tilray Brands (NASDAQ: TLRY) soaring.
Germany’s Federal Council has given the green light to a bill legalizing recreational cannabis for personal consumption, marking a significant step forward in the country’s approach to cannabis regulation. The approval of this bill paves the way for the legalization of recreational cannabis in Germany.
This legislation, approved on Friday, follows the passage of a law by the Bundestag that permits the possession and cultivation of cannabis for personal use, effective April 1. However, the sale of cannabis will remain illegal under the new law.
The impending implementation of this legislation awaits the official signature of Germany’s President, Frank-Walter Steinmeier, following its announcement.
Canopy Growth, a leading cannabis company, seized the moment to celebrate this historic milestone.
Tara Rozalowsky, Chief Growth Officer of Canopy Growth, hailed the re-classification of cannabis as a non-narcotic as game-changer for patients and physicians. She emphasized that this move would empower them to explore cannabis as a viable treatment option for an expanded range of conditions.
She further commented,
“We are thrilled to be able to continue serving the medical community by delivering high-quality cannabis products that meet patient needs, and we look forward to increasing our already leading presence in the German medical cannabis market.”
Recent remarks from Vice President Kamala Harris, urging the Drug Enforcement Administration (DEA) to expedite the rescheduling of marijuana as a Schedule III substance, also boosted shares of Canopy Growth (CGC) and Tilray (TLRY).
Tilray (NASDAQ: TLRY) and Canopy Growth (NASDAQ: CGC) Stock Performance
TLRY stock surged 4.76% to $2.42, and CGC shares jumped 14.04% to $8.77 on Monday.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
