Why Canopy Growth Stock Is Growing Mightily Again
What was down is up again, as the topsy-turvy world of marijuana investing sent cannabis stocks soaring again on Thursday morning after Wednesday's sell-off. As of 10:35 a.m. ET, shares of Aurora Cannabis (NASDAQ: ACB) leapt 13.5% higher, while peer pot producer Canopy Growth (NASDAQ: CGC) gained 22.5%.
And just as you'd expect, it's the stock with the greatest gains that's reporting the good news today.
Bright and early this morning, Canopy Growth announced that it has decided to halt funding of its BioSteel Sports Nutrition unit, the dietary supplements business that was responsible for about 60% of Canopy Growth's losses in fiscal Q1 2024. Furthermore, Canopy Growth is taking steps to prepare for an orderly sale of BioSteel's assets, effectively closing down the division for good.
Source Fool.com
