Why Canopy Growth Stock Tanked Today
What goes up must come down, especially in the volatile world of marijuana stocks. On Thursday, bellwether sector title Canopy Growth (NASDAQ: CGC) was hit with a sell-off that reduced its value by more than 5%. This was a notably steeper fall than the 0.3% endured by the S&P 500 index.
Investors often get nervous when insiders sell their shares in the company, and that dynamic seemed to be in play for Canopy Growth. Late Wednesday, a set of regulatory filings revealed that three members of the Canadian marijuana company's board of directors had unloaded some of their holdings.
The most prominent of the trio was the board's chair, Judy Schmeling, who sold 18,703 common shares at a price of 0.71 Canadian dollars ($0.52) apiece. Following the sale, Schmeling's total holding fell to 439,022 shares.
Source Fool.com
