Why HEXO Shares Soared 18.9% Today

Shares of HEXO (NYSE: HEXO) soared 18.9% on Friday on the coattails of Canopy Growth's (NYSE: CGC) positive fiscal 2020 third-quarter update. Canopy announced better-than-expected top- and bottom-line fiscal 2020 Q3 results before the market opened on Friday.

Quite a few Canadian marijuana stocks received boosts from Canopy's strong Q3 update. The big cannabis producer's impressive quarter-over-quarter revenue growth increased optimism about the entire Canadian cannabis industry's prospects.

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Source Fool.com