<p><img src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/mirjana-mishevska/user_content/ckimages/orig_can.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1050" height="700" original-src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/mirjana-mishevska/user_content/ckimages/orig_can.jpeg"/></p>
<p><em>图片来源</em></p>
<p><strong>Canopy Growth</strong> (CGC) 本周以戏剧性的方式体现了经典的交易格言 “买传闻，卖新闻”。关于特朗普总统即将发布行政命令以加快将大麻从第一类药物重新分类为第三类药物的报道引发了大量投机。</p>
<p>在过去几天里，CGC 股价因预期而飙升了多达 110%。当消息来源表示该命令将在今天签署时，股价在早盘交易中又猛涨了 24%。然而，当特朗普总统实际签署该指令——指示司法部长加快重新分类过程时，现实开始显现。投资者迅速抛售股票，导致 CGC 收盘下跌 12%。</p>
<p>尽管出现了急剧反转，但该股票仍较传闻前的水平保持约 50% 的显著涨幅，突显了在头条事件后获利了结的主导地位。</p>
<h2>为什么获利了结是合理的</h2>
<p>投资者锁定收益而不是在不确定性中持有是完全合理的。虽然将大麻重新分类为第三类药物代表了一个长期的重大利好——承认大麻的医疗效用、降低研究障碍，并可能根据 IRS 第 280E 条款提供税收减免——但短期内的影响微乎其微。</p>
<p>该行政命令仅加速了 DEA 正在进行的规则制定过程，其中涉及公众评论期、审查和最终发布。专家估计这可能需要 12 到 18 个月，这意味着像 Canopy Growth 这样的 cannabis 公司在短期内将继续在当前限制性的联邦条件下运营。</p>
<p>不会突然涌现出大量机构资本或运营红利。银行仍然保持谨慎，联邦与州合法市场的全面对接仍在未来。对于 CGC 来说，基本面在这一等待期内仍面临挑战。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://moneymorning.com/wp-content/blogs.dir/1/files/2025/12/CGC-Chart-1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1560" height="692" original-src="https://imageproxy.pbkrs.com/https://moneymorning.com/wp-content/blogs.dir/1/files/2025/12/CGC-Chart-1.png"/></p>
<h2>Canopy Growth 面临的持续挑战</h2>
<p>尽管行业环境有所改善，Canopy Growth 仍面临内部和外部的多重阻力，抑制了市场的热情。内部方面，公司一直在应对来自过去激进扩张的高债务负担、反复的重组努力和不稳定的盈利能力。</p>
<p>最近几个季度显示，加拿大主要市场的收入停滞或下降，加上削减成本和出售资产以巩固资产负债表的措施，使情况更加恶化。领导层的更替和战略转变——例如通过 Canopy USA 专注于美国大麻衍生产品——尚未带来任何持续的转机。</p>
<p>外部方面，加拿大等成熟市场的激烈竞争导致价格压缩和供过于求。非法市场继续削弱合法销售，而在美国主要机会的缓慢进展使 CGC 依赖于缺乏爆发性增长的国际和国内市场。</p>
<p>监管障碍仍然突出，消费者向价值产品的转变对利润率施加压力。这些因素解释了为什么 CGC 的业务相较于炒作显得疲弱，尽管政策有所进展，但仍需谨慎。</p>
<h2>总结</h2>
<p>Canopy Growth 在签署后的暴跌并非孤例；更广泛的大麻行业也反映了这一走势，<strong>Tilray Brands</strong> (TLRY) 下跌 4.2%，<strong>Aurora Cannabis</strong> (ACB) 当天下跌 3.4%。所有公司都接近于其起始水平结束。</p>
<p>该行政命令无疑增强了美国大麻股票的长期投资案例，表明联邦承认医疗益处并降低风险。</p>
<p>然而，随着重新分类时间表的延长，投资者有充足的时间评估基本面并识别出最有可能受益的强劲参与者——无论是通过高效运营、进入美国市场，还是在医疗应用方面的创新。耐心，而非恐慌，将回报那些等待具体实施计划的人。</p>
<hr/>
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<p>特朗普总统签署了一项行政命令，以加快大麻的重新分类，这导致 Canopy Growth 的股票最初飙升，但随后因投资者获利了结而暴跌 12%。尽管下跌，该股票仍比传闻前的水平高出 50%。该命令加快了 DEA 的规则制定，但立即影响有限，预计需要 12 到 18 个月的时间。Canopy Growth 面临内部挑战和外部竞争，影响其表现。更广泛的大麻行业也出现了下滑，但该命令提升了美国相关大麻股票的长期前景</p>

<p><img src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/mirjana-mishevska/user_content/ckimages/orig_can.jpeg" alt="" original-src="https://talkmarkets.com/contributor/mirjana-mishevska/user_content/ckimages/orig_can.jpeg"/></p>
<p><em>Image source</em></p>
<div class="lb-trans"><p><em>图片来源</em></p>
</div><p><strong>Canopy Growth</strong> (CGC) exemplified the classic trading mantra &#34;buy the rumor, sell the news&#34; in dramatic fashion this week. Reports of an impending executive order from President Trump to expedite the rescheduling of marijuana from Schedule I to Schedule III fueled massive speculation.</p>
<div class="lb-trans"><p><strong>Canopy Growth</strong> (CGC) 本周以戏剧性的方式体现了经典的交易格言 “买传闻，卖新闻”。关于特朗普总统即将发布行政命令以加快将大麻从第一类药物重新分类为第三类药物的报道引发了大量投机。</p>
</div><p>Over the past few days, CGC shares surged as much as 110% on anticipation alone. The stock rocketed another 24% in morning trading when sources indicated the order would be signed today. However, once President Trump actually signed the directive – directing the Attorney General to fast-track the reclassification process – reality set in. Investors dumped shares rapidly, sending CGC tumbling to close down 12%.</p>
<div class="lb-trans"><p>在过去几天里，CGC 股价因预期而飙升了多达 110%。当消息来源表示该命令将在今天签署时，股价在早盘交易中又猛涨了 24%。然而，当特朗普总统实际签署该指令——指示司法部长加快重新分类过程时，现实开始显现。投资者迅速抛售股票，导致 CGC 收盘下跌 12%。</p>
</div><p>Despite the sharp reversal, the stock still holds impressive gains of around 50% from pre-rumor levels, highlighting how profit-taking dominated after the headline event.</p>
<div class="lb-trans"><p>尽管出现了急剧反转，但该股票仍较传闻前的水平保持约 50% 的显著涨幅，突显了在头条事件后获利了结的主导地位。</p>
</div><h2>Why Profit-Taking Was Rational</h2>
<div class="lb-trans"><h2>为什么获利了结是合理的</h2>
</div><p>It was entirely reasonable for investors to lock in gains rather than hold through uncertainty. While rescheduling marijuana to Schedule III represents a major long-term positive – acknowledging cannabis's medical utility, easing research barriers, and potentially granting tax relief under IRS Section 280E – the immediate effects are minimal.</p>
<div class="lb-trans"><p>投资者锁定收益而不是在不确定性中持有是完全合理的。虽然将大麻重新分类为第三类药物代表了一个长期的重大利好——承认大麻的医疗效用、降低研究障碍，并可能根据 IRS 第 280E 条款提供税收减免——但短期内的影响微乎其微。</p>
</div><p>The executive order merely accelerates an ongoing rulemaking process at the DEA, which involves public comment periods, reviews, and final publication. Experts estimate this could take 12 to 18 months, meaning cannabis companies like Canopy Growth will continue operating under current restrictive federal conditions in the near term.</p>
<div class="lb-trans"><p>该行政命令仅加速了 DEA 正在进行的规则制定过程，其中涉及公众评论期、审查和最终发布。专家估计这可能需要 12 到 18 个月，这意味着像 Canopy Growth 这样的 cannabis 公司在短期内将继续在当前限制性的联邦条件下运营。</p>
</div><p>No sudden flood of institutional capital or operational windfalls will materialize overnight. Banks remain cautious, and full federal alignment with state-legal markets is still in the future. For CGC specifically, fundamentals remain challenged during this waiting period.</p>
<div class="lb-trans"><p>不会突然涌现出大量机构资本或运营红利。银行仍然保持谨慎，联邦与州合法市场的全面对接仍在未来。对于 CGC 来说，基本面在这一等待期内仍面临挑战。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://moneymorning.com/wp-content/blogs.dir/1/files/2025/12/CGC-Chart-1.png" alt="" original-src="https://moneymorning.com/wp-content/blogs.dir/1/files/2025/12/CGC-Chart-1.png"/></p>
<h2>Canopy Growth's Ongoing Challenges</h2>
<div class="lb-trans"><h2>Canopy Growth 面临的持续挑战</h2>
</div><p>Canopy Growth faces a mix of internal and external headwinds that temper enthusiasm, even with improved sector tailwinds. Internally, the company has grappled with high debt loads from past aggressive expansions, repeated restructuring efforts, and inconsistent profitability.</p>
<div class="lb-trans"><p>尽管行业环境有所改善，Canopy Growth 仍面临内部和外部的多重阻力，抑制了市场的热情。内部方面，公司一直在应对来自过去激进扩张的高债务负担、反复的重组努力和不稳定的盈利能力。</p>
</div><p>Recent quarters have shown revenue stagnation or declines in key Canadian markets, exacerbated by cost-cutting measures and asset sales to shore up the balance sheet. Leadership transitions and strategic pivots – such as focusing on U.S. hemp-derived options through Canopy USA – have yet to deliver any sustained turnaround momentum.</p>
<div class="lb-trans"><p>最近几个季度显示，加拿大主要市场的收入停滞或下降，加上削减成本和出售资产以巩固资产负债表的措施，使情况更加恶化。领导层的更替和战略转变——例如通过 Canopy USA 专注于美国大麻衍生产品——尚未带来任何持续的转机。</p>
</div><p>Externally, intense competition in mature markets like Canada has led to price compression and oversupply. Illicit markets continue to undercut legal sales, while slow progress in major U.S. opportunities leaves CGC reliant on international and domestic segments that lack explosive growth.</p>
<div class="lb-trans"><p>外部方面，加拿大等成熟市场的激烈竞争导致价格压缩和供过于求。非法市场继续削弱合法销售，而在美国主要机会的缓慢进展使 CGC 依赖于缺乏爆发性增长的国际和国内市场。</p>
</div><p>Regulatory hurdles also remain prominent, and consumer shifts toward value products pressure margins. These factors explain why CGC's business appears weak relative to the hype, justifying caution despite progress on policy.</p>
<div class="lb-trans"><p>监管障碍仍然突出，消费者向价值产品的转变对利润率施加压力。这些因素解释了为什么 CGC 的业务相较于炒作显得疲弱，尽管政策有所进展，但仍需谨慎。</p>
</div><h2>Bottom Line</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>Canopy Growth was not alone in its post-signing plunge; the broader cannabis sector mirrored the move, with <strong>Tilray Brands</strong> (TLRY) dropping 4.2% and <strong>Aurora Cannabis</strong> (ACB) falling 3.4% on the day. All have ended close to where they started from.</p>
<div class="lb-trans"><p>Canopy Growth 在签署后的暴跌并非孤例；更广泛的大麻行业也反映了这一走势，<strong>Tilray Brands</strong> (TLRY) 下跌 4.2%，<strong>Aurora Cannabis</strong> (ACB) 当天下跌 3.4%。所有公司都接近于其起始水平结束。</p>
</div><p>The executive order undeniably enhances the long-term investment case for U.S.-exposed cannabis stocks by signaling federal acknowledgment of medical benefits and a reduced risk profile.</p>
<div class="lb-trans"><p>该行政命令无疑增强了美国大麻股票的长期投资案例，表明联邦承认医疗益处并降低风险。</p>
</div><p>However, with the rescheduling timeline stretched out, investors have ample time to evaluate fundamentals and identify the strongest players poised to benefit – whether through efficient operations, U.S. market access, or innovation in medical applications. Patience, not panic, will reward those waiting for concrete implementation plans.</p>
<div class="lb-trans"><p>然而，随着重新分类时间表的延长，投资者有充足的时间评估基本面并识别出最有可能受益的强劲参与者——无论是通过高效运营、进入美国市场，还是在医疗应用方面的创新。耐心，而非恐慌，将回报那些等待具体实施计划的人。</p>
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<div class="lb-trans"><hr/>
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特朗普总统签署大麻行政命令：Canopy Growth 股价暴跌