Canopy Growth Stock Faces Analyst Downgrade and Shareholder Action
Canopy Growth Corporation (CGC) shares are trading lower on Wednesday, pulling back after a 20% rise on Monday. The stock is reacting to the successful trading commencement of TerrAscend Corp., in which Canopy has an 18% ownership stake. CGC shares had previously risen after the completion of balance sheet actions aimed at reducing costs and increasing profitability. Trading volume is heavy, with over 8.4 million shares traded compared to the 100-day average of 11.08 million shares. Canopy shares are currently trading 17.3% lower at 43 cents.