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Cannabis Watch: Cannabis stocks slammed as Canopy earnings disappoint

Cannabis stocks fell on Friday, led by Canopy Growth Corp., after the biggest company in the sector measured by market cap reported an unexpected decline in recreational pot sales in Canada in the fourth quarter from the previous one.

Canopy shares CGC, -8.12%WEED, -7.61% were down 8.6%, as investors digested its fiscal fourth-quarter report, that showed losses widening from the year earlier, but revenue ahead of estimates. The company said it is still ramping production of cannabis to meet demand, with harvest size doubling in its fiscal fourth quarter — the first calendar quarter — and expected to double again in the current quarter.

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