From Nasdaq:



Canopy Growth (NASDAQ:CGC) saw a 13% drop in its stock price this week following a reverse-stock split and divestment of a subsidiary business. The reverse-stock split was made in order to prevent delisting from the Nasdaq exchange due to its stock price falling below $1 per share. Even after the consolidation, the stock price remains at $4.51, far from $1 but enough to regain compliance. Investors were upset by the consolidation as it deviated from the norm by not compensating for any fractional shares. Canopy Growth also completed the sale of its skincare brand, “This Works,” for $12 million, which aims to refocus the company on its core North American cannabis market. However, despite this, the market is still wary of the company’s transformation plans, as well as the recent reverse-split move. The Motley Fool Stock Advisor analyst team does not consider Canopy Growth as a top stock to buy right now, highlighting the uncertainty and risk associated with the company’s recent moves.



Original: Why Canopy Growth Stock Dropped 13% This Week