Shares of several companies in the broader cannabis and consumer discretionary sector, including Canopy Growth Corp (NASDAQ:CGC), are trading lower amid overall weakness as traders continue to digest Wednesday's Fed rate hike announcement.
The Federal Reserve raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years. The Fed also said it will begin reducing the size of its balance sheet starting on June 1… Read More
Canopy Growth cultivates and sells medicinal and recreational cannabis.
The stock closed Thursday down 9% at $6.07. According to data from Benzinga Pro, Canopy Growth has a 52-week high of $26.96 and a 52-week low of $5.05.
