Why Planet Labs Stock Dropped 3% This Morning

Planet Labs (PL -0.70%) stock slipped 3% through 9:50 a.m. ET Wednesday on what investors would ordinarily consider good news: another contract announcement.Planet revealed today that it has "expanded" a relationship with the Antinarcotics Directorate of the Colombian National Police (DIRAN), whereby the latter uses images from Planet Labs' Earth observation satellites to detect and help eradicate "illicit crop growth and harvest" (i.e. drug crops).More uses for Planet Labs' satellitesPlanet's satellites ca ...