Surprise! Canopy Growth Strikes Out Again
The past nine-plus months have not been pretty for cannabis stock investors. Last year began swimmingly, with over a dozen pot stocks galloping higher by more than 70% during the first quarter. However, since the end of March, supply issues in Canada, high tax rates in select U.S. states, and a resilient black market throughout North America have combined to clobber marijuana stocks.
Perhaps none of these has been more visibly pummeled than Canopy Growth (NYSE: CGC), the largest pot stock in the world by market cap. At one point, Canopy's market cap declined by more than $10 billion from peak to trough in 2019, with a number of miscues weighing on the company.
Unfortunately, 2020 hasn't begun any better for Canopy, with the company once again striking out with investors after providing an update on its line of Cannabis 2.0 products.
Source Fool.com
