Why Canopy Growth Stock Is Sliding Today
Shares of Canopy Growth (NYSE: CGC) were sliding 6.7% lower as of 11:27 a.m. EDT on Wednesday. The Canadian cannabis producer announced earlier in the morning that it and Acreage Holdings (OTC: ACRGF) had implemented an amended agreement to clear the way for an acquisition of Acreage when federally permissible in the U.S. However, the more likely reason behind today's decline is that investors are souring on Canadian marijuana stocks after Aurora Cannabis (NYSE: ACB) reported dismal fiscal 2020 Q4 results Tuesday evening.
It doesn't seem likely that Canopy's deal with Acreage is pulling the Canadian pot stock down. The amended agreement is better for Canopy than it is for Acreage, yet Acreage's share price isn't down nearly as much as Canopy's shares are today.
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Source Fool.com
