Shares of Canopy Growth Corporation (NYSE: CGC) fell 12.1% during the month of August, according to data from S&P Global Market Intelligence. The Canadian cannabis company reported earnings during the month, which wasn't enough to sustain the company's late July surge, when it announced its direct-to-consumer e-commerce shop in the U.S. Continued struggles in the brick-and-mortar retail business in Canada revealed themselves in relatively low growth numbers and a worrisome decline in gross margins. Part of the reason for the August decline was Canopy stock's strong performance at the end of July, after the launch of ShopCanopy.com, its new U.S.-based e-commerce site, on July 27. Read More...
Why Canopy Growth Stock Fell 12.1% in August
Shares of Canopy Growth Corporation (NYSE: CGC) fell 12.1% during the month of August, according to data from S&P Global Market Intelligence. The Canadian cannabis company reported earnings during the month, which wasn’t enough to sustain the company’s late July surge, when it announced its direct-to-consumer e-commerce shop in the U.S. Continued struggles in the brick-and-mortar retail business in Canada revealed themselves in relatively low growth numbers and a worrisome decline in gross margins. Part of the reason for the August decline was Canopy stock’s strong performance at the end of July, after the launch of ShopCanopy.com, its new U.S.-based e-commerce site, on July 27.
Add Comment