Why Canopy Growth Stock Jumped Today

Joe Tenebruso, The Motley Fool
·2 min read
Why Canopy Growth Stock Jumped Today
Why Canopy Growth Stock Jumped Today

Shares of Canopy Growth (NYSE: CGC) climbed 7.8% on Monday, following the release of the marijuana producer's better-than-expected fiscal 2021 first-quarter results. Despite the coronavirus-related challenges that have weighed on recreational cannabis sales in its core Canadian market, Canopy's revenue rose 22% year over year to $110.4 million Canadian ($82.7 million). Canopy Growth's stock rose on stronger-than-anticipated earnings results.