Last December, President Trump signed Executive Order 14370 to speed up the rescheduling of marijuana to Schedule III, lifting Canopy Growth shares from $1.15 to nearly $2 before they gave back those gains. On Sept. 29, DEA Chief Administrative Judge Derek C. Julius stayed the rescheduling process pending a briefing on a GAO report, and after the DEA's Oct. 9 response he granted another stay so opposing parties could reply. The article argues that Canopy's larger challenges are the Canadian recreational market, persistent operating losses, and the risk of further dilution through its $200 million at-the-market equity program, which calls its $300 million valuation into question.
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