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Why Canopy Growth Stock Crashed Today

·2 min read
Why Canopy Growth Stock Crashed Today
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Canadian cannabis company Canopy Growth (NASDAQ: CGC) harshed marijuana sector investors' buzz Friday when it reported weaker than expected revenue growth in its fiscal 2022 second quarter, though it lost less money than Wall Street had forecast. As of 1:45 p.m. EDT, shares of Canopy Growth were down 14.3%, and the negative sentiment dragged on its peer pot stocks as well; Aurora Cannabis (NASDAQ: ACB) was off by 5.8%, and Tilray (NASDAQ: TLRY) was down 5.5%. To the contrary, revenues actually declined by 3% (not at all what you want to see from a growth stock), and if you net out the additional revenues contributed to the company by its recent acquisitions, revenue would have declined 13%.