Shares of Canadian cannabis company Canopy Growth (CGC 2.41%) fell 11.4% through noon ET on Tuesday on bad news from Germany.

Germany's parliament, the Bundestag, had been expected to vote on a new law to legalize pot, expanding the market for marijuana companies such as Canopy, which has a German subsidiary. But late in the day Monday, leaders of the Social Democratic Party decided to postpone the vote until next year.

What a delay in Germany means for marijuana stocks

Cannabis news source MarijuanaMoment, which reported on the law's delay, noted that the Social Democratic Party didn't elaborate on what concerns it had that prompted the delayed vote. Despite the lack of clarity, however, this delay doesn't sound too worrisome for investors in Canopy Growth.

For one thing, the fact that the Social Democratic Party wants to delay a vote to 2024 rather than cancel it entirely implies the party still expects to be able to pass the bill. For another, previous delays of the law have tended to be aimed at giving time to loosen restrictions on marijuana -- not tighten them up -- which would tend to increase consumption and thus be a good thing for Canopy Growth.

Lastly, according to Dirk Heidenblut, the Social Democratic Party member responsible for cannabis policy, passing the bill in January rather than December would still give plenty of time to begin legalization measures by early April 2024, beginning with permitting homegrown marijuana for personal use, and later expanding to greater permission to use marijuana in public.

What a delay in Germany means for Canopy Growth in particular

So does all this really justify an 11%-plus decline in Canopy Growth stock? I don't think it does.

According to data from S&P Global Market Intelligence, Germany is Canopy Growth's third biggest market, accounting for 12% of total sales. But those sales are ongoing -- not going away. Indeed, despite the Bundestag delay, sales are still likely to grow more once the German marijuana law passes.

None of this necessarily means Canopy Growth is a buy. It still carries more debt than cash on its balance sheet, isn't profitable, and isn't expected to become profitable before 2028. But if you thought the stock was worth owning on Monday, I don't think yesterday's news is bad enough that it should require you to sell the stock today.