What's Going On With Canopy Growth Stock Today?
Portfolio Pulse from Erica Kollmann
Shares of Canopy Growth Corporation (NASDAQ:CGC) are trading higher, gaining over 250% in the last month. The upward trend in the cannabis sector follows a recommendation by the Department of Health and Human Services to reschedule marijuana. Canopy Growth has announced it will cease funding its BioSteel business unit to reduce cash burn and align with its cannabis-focused asset-light strategy. The company's shares are up on heavy trading volume, with over 69.6 million shares traded in the session.
September 15, 2023 | 3:43 pm
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Canopy Growth Corporation's stock is trading higher following a recommendation to reschedule marijuana and the company's decision to cease funding its BioSteel unit. The stock has seen heavy trading volume.
The stock price of Canopy Growth Corporation is likely to rise in the short term due to the positive regulatory recommendation for the cannabis sector and the company's strategic decision to cease funding its BioSteel unit, which is expected to enhance profitability.
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IMPORTANCE 80
RELEVANCE 100