What’s Going On With Canopy Growth Stock?
Canopy Growth Corporation (NASDAQ:CGC) shares are trading higher Tuesday after cannabis-peer Tilray Brands, Inc. (NASDAQ:TLRY) reported better-than-expected quarterly results.
The Details:
Tilray shares are trading higher Tuesday after the company beat earnings and revenue expectations for the most recent quarter with cannabis net revenue increasing 12% to $71.9 million. Tilray’s fourth-quarter total revenue grew approximately 25% year-over-year.
Canopy Growth shares are up more than 20% over the past month on political developments investors view as positive for marijuana reform in the United States. Vice President Kamala Harris has been an outspoken proponent of rescheduling marijuana and Senator J.D. Vance currently represents a state that legalized adult-use marijuana.
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