Canopy Growth Corp. CGC stock was up 9.5% in premarket trades Monday, to put it on track to trade above $1 for the first time since May. The gain comes after a nearly 23% rally in the previous session to finish out a strong week for cannabis stocks. A move by the Drug Enforcement Administration to review the Schedule I status of cannabis has fueled optimism in the sector in the past week. The U.S. Department of Health and Human Services last week recommended that cannabis be re-classified to Schedule III, which would legalize cannabis for regulated medical use under federal law. Attorney General Merrick Garland has also said he’s working on an updated version of the Cole memo, which instructs federal law enforcement agencies to not interfere with state-run cannabis programs. Members of Congress are also optimistic that the SAFE Banking legislation to open up the financial system to cannabis could go to the Senate for a vote for the first time after 10 years.

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