Why Canopy Growth Stock Plunged in September
Volatility in the cannabis sector shouldn't be a surprise to investors, but one popular company experienced a significant move last month. Shares of Canadian marijuana company Canopy Growth (NASDAQ: CGC) dropped 19.6% in September, according to data from S&P Global Market Intelligence.
The September move only added to the company's 2021 declines. Year to date, Canopy shares are down more than 45%. Last month's decline didn't stem from any company-specific news. In fact, in an investor presentation on Sept. 8, beverage giant and Canopy investor Constellation Brands highlighted that Canopy expects to achieve positive adjusted EBITDA during the first half of calendar year 2022. Both companies expect strong top-line annual revenue growth of between 40% and 50% over the next three years to fuel the path toward profitability.
Source Fool.com
