Canopy Growth Corporation (CGC) saw its stock close at $7.69 and rise to $1.15 during pre-market trading, where fluctuations are often higher due to lower trading volume outside regular trading hours.

Recent discussions about the decriminalization of cannabis have captured investors' attention, particularly following Vice President Kamala Harris's remarks advocating for the drug's legalization.

As a result, Canopy Growth's stock has experienced substantial growth, surging over 100% this week alone, according to S&P Global Market Intelligence data.

President Biden's mention of cannabis in the State of the Union address, supporting its potential for legalization in the U.S., has also contributed to investor optimism. Harris's subsequent comments have further boosted momentum in the cannabis industry, leading investors to show strong interest in stocks like Canopy Growth.

Investors are interpreting these developments as potential factors that could lead to federal legalization, which would greatly benefit companies like Canopy Growth by opening up legal avenues for cannabis product sales, ultimately enhancing the company's revenue outlook.