What's Going On With Canopy Growth Stock Wednesday?

Canopy Growth Corporation (NASDAQ:CGC) shares are trading lower Wednesday.  The stock appears to be pulling back after rising over 20% on Monday.

What To Know:

Canopy Growth recognized the successful commencement of trading of TerrAscend Corp. on the Toronto Stock Exchange on Wednesday. Canopy has a conditional ownership stake of approx 18% in TerrAscend.

On Monday, CGC shares rose during the trading session after the company announced the completion of a series of balance sheet actions aimed at reducing costs and increasing profitability. 

Canopy shares are trading 12% lower on heavy volume Wednesday.  According to data from Benzinga Pro, over 8.4 million shares have already been traded in Wednesday's session, compared to the 100-day average of 11.08 million shares.

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CGC Price Action: According to Benzinga Pro, Canopy Shares are trading 17.3% lower at 43 cents at the time of publication. 

Image: rexmedlen from Pixabay