Why Canopy Growth Stock Cratered in June

Shares of the Canadian cannabis giant Canopy Growth (NASDAQ: CGC) tumbled by an eye-popping 39.5% over the course of June, according to data provided by S&P Global Market Intelligence. Through the first six months of 2022, Canopy's stock price has dropped by a staggering 69%, making it the second-worst-performing equity among major marijuana cultivators so far this year. 

While a fair amount of this beeline move lower can be attributed to the ongoing industrywide drawdown among cannabis stocks, Canopy's exceptionally sharp drop last month has a multifactor explanation. 

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Source Fool.com