Why Canopy Growth Fell 18.1% in February
Shares of Canopy Growth (NASDAQ: CGC) fell 18.1% in February, according to data provided by S&P Global Market Intelligence. The Canadian pot stock fell despite a relatively good earnings report and outlook in the early part of the month.
So why the fall? Likely, this was just a come-down after cannabis stocks soared in January following the Georgia Senate runoff, which fueled speculation about U.S. federal legalization. Canopy has a huge cash horde thanks to its big investment from Constellation Brands (NYSE: STZ), as well as some optionality in the U.S. should that happen. However, for now, the company remains primarily a Canada-focused cannabis company.
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Source Fool.com
