Why Canopy Growth Stock Skyrocketed Today
Relatively encouraging financial results from a peer lifted sentiment on Canopy Growth (NASDAQ: CGC) stock on Wednesday. The Canadian marijuana company's share price leaped 10% higher on the day, easily topping the 0.8% increase of the S&P 500 index.
That peer was fellow Canadian marijuana company Tilray Brands (NASDAQ: TLRY), which reported its first quarter of fiscal 2024 results before the market opened. The company managed to boost its net revenue by 15% year over year to $177 million, notching a new quarterly record. It also narrowed its net loss, to $56 million, from the first quarter of fiscal 2023's $66 million deficit.
That represented a mixed quarter for Tilray, as it barely missed (by $0.02) per share the average analyst estimate for net loss, but topped the consensus for revenue.
Source Fool.com
