Why Canopy Growth Stock Dropped 9.5% Today
Friday was a wonderful day to own shares of Canadian cannabis company Canopy Growth (NASDAQ: CGC), which spiked nearly 69% on news that Germany will begin legalizing marijuana on April 1. There does, however, appear to have been some fluff in that price expansion, and some of the air is coming out of the bubble on Monday. As investors digest the news, Canopy Growth is giving back some gains today.
As of 11 a.m. ET, Canopy Growth stock is down 9.5%.
Which is totally fine. Canopy stock outperformed pretty much every marijuana stock on the planet last week, and even after today's decline, it remains up more than 50% from where it was at close of trading Thursday, before the Germany news.
Source Fool.com
