<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>圖片來源</em></p>
<p><strong>Canopy Growth</strong> (CGC) 本週以戲劇性的方式體現了經典的交易格言 “買傳聞，賣新聞”。關於特朗普總統即將發佈行政命令以加快將大麻從第一類藥物重新分類為第三類藥物的報道引發了大量投機。</p>
<p>在過去幾天裏，CGC 股價因預期而飆升了多達 110%。當消息來源表示該命令將在今天簽署時，股價在早盤交易中又猛漲了 24%。然而，當特朗普總統實際簽署該指令——指示司法部長加快重新分類過程時，現實開始顯現。投資者迅速拋售股票，導致 CGC 收盤下跌 12%。</p>
<p>儘管出現了急劇反轉，但該股票仍較傳聞前的水平保持約 50% 的顯著漲幅，突顯了在頭條事件後獲利了結的主導地位。</p>
<h2>為什麼獲利了結是合理的</h2>
<p>投資者鎖定收益而不是在不確定性中持有是完全合理的。雖然將大麻重新分類為第三類藥物代表了一個長期的重大利好——承認大麻的醫療效用、降低研究障礙，並可能根據 IRS 第 280E 條款提供税收減免——但短期內的影響微乎其微。</p>
<p>該行政命令僅加速了 DEA 正在進行的規則制定過程，其中涉及公眾評論期、審查和最終發佈。專家估計這可能需要 12 到 18 個月，這意味着像 Canopy Growth 這樣的 cannabis 公司在短期內將繼續在當前限制性的聯邦條件下運營。</p>
<p>不會突然湧現出大量機構資本或運營紅利。銀行仍然保持謹慎，聯邦與州合法市場的全面對接仍在未來。對於 CGC 來説，基本面在這一等待期內仍面臨挑戰。</p>
<p><em>(點擊圖片放大)</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 面臨的持續挑戰</h2>
<p>儘管行業環境有所改善，Canopy Growth 仍面臨內部和外部的多重阻力，抑制了市場的熱情。內部方面，公司一直在應對來自過去激進擴張的高債務負擔、反覆的重組努力和不穩定的盈利能力。</p>
<p>最近幾個季度顯示，加拿大主要市場的收入停滯或下降，加上削減成本和出售資產以鞏固資產負債表的措施，使情況更加惡化。領導層的更替和戰略轉變——例如通過 Canopy USA 專注於美國大麻衍生產品——尚未帶來任何持續的轉機。</p>
<p>外部方面，加拿大等成熟市場的激烈競爭導致價格壓縮和供過於求。非法市場繼續削弱合法銷售，而在美國主要機會的緩慢進展使 CGC 依賴於缺乏爆發性增長的國際和國內市場。</p>
<p>監管障礙仍然突出，消費者向價值產品的轉變對利潤率施加壓力。這些因素解釋了為什麼 CGC 的業務相較於炒作顯得疲弱，儘管政策有所進展，但仍需謹慎。</p>
<h2>總結</h2>
<p>Canopy Growth 在簽署後的暴跌並非孤例；更廣泛的大麻行業也反映了這一走勢，<strong>Tilray Brands</strong> (TLRY) 下跌 4.2%，<strong>Aurora Cannabis</strong> (ACB) 當天下跌 3.4%。所有公司都接近於其起始水平結束。</p>
<p>該行政命令無疑增強了美國大麻股票的長期投資案例，表明聯邦承認醫療益處並降低風險。</p>
<p>然而，隨着重新分類時間表的延長，投資者有充足的時間評估基本面並識別出最有可能受益的強勁參與者——無論是通過高效運營、進入美國市場，還是在醫療應用方面的創新。耐心，而非恐慌，將回報那些等待具體實施計劃的人。</p>
<hr/>
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<p>特朗普總統簽署了一項行政命令，以加快大麻的重新分類，這導致 Canopy Growth 的股票最初飆升，但隨後因投資者獲利了結而暴跌 12%。儘管下跌，該股票仍比傳聞前的水平高出 50%。該命令加快了 DEA 的規則制定，但立即影響有限，預計需要 12 到 18 個月的時間。Canopy Growth 面臨內部挑戰和外部競爭，影響其表現。更廣泛的大麻行業也出現了下滑，但該命令提升了美國相關大麻股票的長期前景</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>圖片來源</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) 本週以戲劇性的方式體現了經典的交易格言 “買傳聞，賣新聞”。關於特朗普總統即將發佈行政命令以加快將大麻從第一類藥物重新分類為第三類藥物的報道引發了大量投機。</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>在過去幾天裏，CGC 股價因預期而飆升了多達 110%。當消息來源表示該命令將在今天簽署時，股價在早盤交易中又猛漲了 24%。然而，當特朗普總統實際簽署該指令——指示司法部長加快重新分類過程時，現實開始顯現。投資者迅速拋售股票，導致 CGC 收盤下跌 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>儘管出現了急劇反轉，但該股票仍較傳聞前的水平保持約 50% 的顯著漲幅，突顯了在頭條事件後獲利了結的主導地位。</p>
</div><h2>Why Profit-Taking Was Rational</h2>
<div class="lb-trans"><h2>為什麼獲利了結是合理的</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>投資者鎖定收益而不是在不確定性中持有是完全合理的。雖然將大麻重新分類為第三類藥物代表了一個長期的重大利好——承認大麻的醫療效用、降低研究障礙，並可能根據 IRS 第 280E 條款提供税收減免——但短期內的影響微乎其微。</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>該行政命令僅加速了 DEA 正在進行的規則制定過程，其中涉及公眾評論期、審查和最終發佈。專家估計這可能需要 12 到 18 個月，這意味着像 Canopy Growth 這樣的 cannabis 公司在短期內將繼續在當前限制性的聯邦條件下運營。</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>不會突然湧現出大量機構資本或運營紅利。銀行仍然保持謹慎，聯邦與州合法市場的全面對接仍在未來。對於 CGC 來説，基本面在這一等待期內仍面臨挑戰。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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 面臨的持續挑戰</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>儘管行業環境有所改善，Canopy Growth 仍面臨內部和外部的多重阻力，抑制了市場的熱情。內部方面，公司一直在應對來自過去激進擴張的高債務負擔、反覆的重組努力和不穩定的盈利能力。</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>最近幾個季度顯示，加拿大主要市場的收入停滯或下降，加上削減成本和出售資產以鞏固資產負債表的措施，使情況更加惡化。領導層的更替和戰略轉變——例如通過 Canopy USA 專注於美國大麻衍生產品——尚未帶來任何持續的轉機。</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，加拿大等成熟市場的激烈競爭導致價格壓縮和供過於求。非法市場繼續削弱合法銷售，而在美國主要機會的緩慢進展使 CGC 依賴於缺乏爆發性增長的國際和國內市場。</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>監管障礙仍然突出，消費者向價值產品的轉變對利潤率施加壓力。這些因素解釋了為什麼 CGC 的業務相較於炒作顯得疲弱，儘管政策有所進展，但仍需謹慎。</p>
</div><h2>Bottom Line</h2>
<div class="lb-trans"><h2>總結</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 在簽署後的暴跌並非孤例；更廣泛的大麻行業也反映了這一走勢，<strong>Tilray Brands</strong> (TLRY) 下跌 4.2%，<strong>Aurora Cannabis</strong> (ACB) 當天下跌 3.4%。所有公司都接近於其起始水平結束。</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>該行政命令無疑增強了美國大麻股票的長期投資案例，表明聯邦承認醫療益處並降低風險。</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，隨着重新分類時間表的延長，投資者有充足的時間評估基本面並識別出最有可能受益的強勁參與者——無論是通過高效運營、進入美國市場，還是在醫療應用方面的創新。耐心，而非恐慌，將回報那些等待具體實施計劃的人。</p>
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<div class="lb-trans"><hr/>
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特朗普總統簽署大麻行政命令：Canopy Growth 股價暴跌