Why Canopy Growth Plunged 21% in February
Shares of Canopy Growth (NASDAQ: CGC) tumbled 21.3% in February, according to data from S&P Global Market Intelligence. The marijuana stock reported worse-than-expected fiscal third-quarter earnings and announced a restructuring of its business that will see it exit the cannabis flower cultivation business and move to a third-party sourcing model for cannabis beverages, edibles, vapes, and extracts.
Canopy Growth's transition to an asset-lite business model gives the appearance it is planning to all but exit the Canadian market and set up shop as a U.S.-based marijuana company.
Source Fool.com
