Why Canopy Growth Stock Spiked Today
Shares of Canada-based Canopy Growth (NASDAQ: CGC) popped Tuesday, but not because of its Canadian marijuana business. Canopy shares soared by as much as 14.5% in early trading, and remained up by 4.5% as of 2:58 p.m. ET.
Canopy has been working to consolidate its operations and focus on its core cannabis operations. It recently sold its BioSteel sports nutrition business and one of its Ontario facilities. Canopy will now rely on its other Ontario facility and a British Columbia site for its flower cultivation business.
On Tuesday, Canopy announced that its Kincardine, Ontario, cultivation facility has received EU GMP (Good Manufacturing Practices) certification. That allows the company to keep exporting its certified medical marijuana to Europe and elsewhere around the world from that facility.
Source Fool.com
