Canopy Growth Corporation (NASDAQ:CGC) shares are trading higher on Wednesday. The stock appears to be moving in sympathy with Tilray Brands, Inc. (NASDAQ:TLRY).
What To Know:
Tilray released its fourth quarter and fiscal year 2023 financial results on Wednesday beating analysts’ revenue estimates. Shares of TLRY are trading up by more than 20% on the news.
Shares of CGC appear to be moving in sympathy with TLRY and are trading higher on heavy volume. According to data from Benzinga Pro, more than 19 million shares have already been traded in the session, compared to the stock’s 100-day average of 21.5 million shares.
Canopy Growth will release its first quarter fiscal year 2024 financial results on Aug. 9 and will host an audio webcast to discuss the results at 5:30 p.m. ET the same day.
Related News: Tilray Shares Up On Stagnating Revenue Kept In Line By Alcohol Sales, What About Cannabis?
CGC Price Action: According to Benzinga Pro, CGC shares are trading over 4.5% higher at 41 cents at the time of publication.
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