Why Canopy Growth, Aurora Cannabis, and Hexo Stocks Went Up in Smoke Today

Rich Smith, The Motley Fool
·2-min read
Why Canopy Growth, Aurora Cannabis, and Hexo Stocks Went Up in Smoke Today

In 11:30 a.m. EDT trading, Canopy Growth (NASDAQ: CGC) stock is down a depressing 4.4%, and cannabis rivals Aurora Cannabis (NYSE: ACB) and Hexo (NYSE: HEXO) have both tumbled about 8% each. Yes, unfair as it may feel, the stock to blame for Canopy's, Aurora's, and Hexo's declines today is none of the above, but rather their cannabis-growing rival Aphria, which reported its fiscal Q3 2021 earnings results this morning. Worse, Aphria reported a CA$1.14-per-share loss for the quarter, versus the tiny profit (calculated according to generally accepted accounting principles or GAAP) reported a year ago.