Why Canopy Growth Stock Crashed 11% on Tuesday
Shares of Canadian cannabis company Canopy Growth (NASDAQ: CGC) fell 11.4% through noon ET on Tuesday on bad news from Germany.
Germany's parliament, the Bundestag, had been expected to vote on a new law to legalize pot, expanding the market for marijuana companies such as Canopy, which has a German subsidiary. But late in the day Monday, leaders of the Social Democratic Party decided to postpone the vote until next year.
Cannabis news source MarijuanaMoment, which reported on the law's delay, noted that the Social Democratic Party didn't elaborate on what concerns it had that prompted the delayed vote. Despite the lack of clarity, however, this delay doesn't sound too worrisome for investors in Canopy Growth.
Source Fool.com
