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.