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Why Canopy Growth Stock Jumped Today

TheMotleyFool

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Shares of Canopy Growth (NYSE: CGC) climbed 7.8% on Monday, following the release of the marijuana producer's better-than-expected fiscal 2021 first-quarter results.

Despite the coronavirus-related challenges that have weighed on recreational cannabis sales in its core Canadian market, Canopy's revenue rose 22% year over year to $110.4 million Canadian ($82.7 million). The gains were fueled in part by higher medical marijuana sales, which more than offset a decline in adult-use sales.

Canopy Growth's stock rose on stronger-than-anticipated earnings results. Image source: Getty Images.

Source Fool.com

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