CGC Stock: 5 Reasons Why Canopy Growth Shares Are Lighting Up Today

Canopy Growth (NASDAQ:CGC) stock is heating up on Wednesday following strong results in the marijuana company’s fiscal third quarter of 2022.

CGC stock: worker in flannel shirt planting young marijuana plant, symbolizing CGC Stock.

Source: Shutterstock

Let’s dive into that earnings report below to see why holders of CGC stock are smiling today!

  • The positive news for CGC stock starts with adjusted losses per share of 13 cents.
  • That’s much better than the -36 cents per share that Wall Street was looking for in fiscal Q3 2022.
  • Another highlight for CGC stock is revenue of $140.97 million.
  • Even if it’s down 8% year-over-year.
  • That’s not keeping the company’s shares down when analysts’ revenue estimate is $135.79 million.

David Klein, CEO of Canopy Growth, said the following in the earnings report boosting CGC stock higher today.

“In the third quarter we actioned to win where it matters – driving record performance in our CPG business from both BioSteel and Storz & Bickel, while beginning to stabilize our Canadian business including maintaining the #1 position in premium flower. Our continued discipline and focus are expected to fortify Canopy’s competitive positioning in Canada as we ambitiously build our U.S. CPG, CBD, and THC strategies.”

Heavy trading is also helping out CGC stock alongside its most recent earnings report. As of this writing, more than 10 million shares of the company’s stock have changed hands. That’s a nice jump from the company’s daily average trading volume of about 7.4 million shares.

CGC stock is up 13.3% as of Wednesday morning.

Investors looking for more stock market news today are in the right place!

We’ve got all the latest news that traders need to know about for Wednesday! Among that is rival cannabis company Sundial Growers (NASDAQ:SNDL) stock rising, what has solar stocks rallying, as well as the rumors moving Mandiant (NASDAQ:MNDT) stock today. You can find out all about these topics at the links below!

More Stock Market News for Wednesday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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