Headline: Canopy Growth Corporation Stock Plummets, Losing Over $1 Billion in Market Value
Sub Headline: Shares Drop by 927 Points, Closing at a 52-Week Low
Market Wrap-up:
Canopy Growth Corporation (WEED) experienced a significant decline in its stock value on May 16, 2024. Shares closed at $32.335, down by a staggering 927 points (-106%) from the previous close. This represents a loss of over $1 billion in market capitalization.
The stock had opened at $40.00 and reached an intraday high of $40.10 before the sharp sell-off. The 52-week range for WEED stands at $276 to $1920, indicating a significant drop from its peak.
The factors contributing to the plunge are still being analyzed, but market sentiment and recent industry news are believed to have played a role. The overall Nasdaq GS USD market closed down by 0.81%, further exacerbating the decline in WEED's stock value.
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