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Canopy Growth stock surges as more Americans favor cannabis legalization

Yahoo Finance Live takes a look at cannabis industry leaders as more Americans begin favoring the legalization of marijuana and cannabis products.

Video transcript

[AUDIO LOGO]

- So let's start with CGC, a trending ticker right now on Yahoo Finance. Canopy Growth speeding up its entry into the US market by consolidating its US assets into a new holding company. It will consist of New York-based Acreage Holdings, edibles company Wana Brands, and California extracts maker, Jetty. Canopy CEO David Klein saying the move enables them to, quote, "capitalize on the once-in-a-generation opportunity in the largest cannabis market in the world. Shares are just soaring today, up 27%. Another pot stock, Tilray Brands, also popping, almost 15%.

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Searching for the catalysts there, not really finding one. Perhaps it's some polling yesterday from Monmouth University showing 2/3 of Americans favor legalizing marijuana. And the key part of that polling, Seana, is 76% of Democrats and 52% of Republicans favor legalization. And once you get over the majority of Republicans, you start to get optimistic about federal legalization and maybe some pressure on Republican senators.

SEANA SMITH: Maybe this will be the pressure that they do need because we know that has remained stalled in Congress now for quite some time. They haven't had, at least to date, the necessary votes that they do need to pass it on a federal level. On a state level, recreational use is going to be on the ballot in five states. We know it's already legal in 19 states. So that will be interesting to watch.

As we count down, we're about two weeks now from the midterms. So maybe if we do see more states pass recreational use of marijuana, maybe we could see these stocks, at least in the short term, get another bump from here.

- I still say 2028. I'm pushing that way off. Still--

SEANA SMITH: Federally.

- --not overly optimistic for federal legalization. Just too much opposition in the Republican Senate.