- Canopy Growth has signed a subscription agreement for a private placement of US$30 million
- The Canadian multinational cannabis company signed agreements with numerous institutions for the upsized private placement offering of 8,158,510 shares at US$4.29 per share
- Proceeds are expected to be used to pay down debt and are expected to provide the company with additional liquidity to help strengthen its financial position
- Canopy Growth stock closed trading at C$6.00 per share
Canopy Growth (TSX:WEED; NDAQ:CGC) has signed a subscription agreement for a private placement of US$30 million.
The Canadian multinational cannabis company signed agreements with numerous institutions for the upsized private placement offering of 8,158,510 shares at US$4.29 per share.
Proceeds are expected to be used to pay down debt and are expected to provide the company with additional liquidity to help strengthen its financial position.
Canopy Growth is a North American cannabis and consumer packaged goods company. Its brands include Doja, 7ACRES, Tweed, Deep Space, Martha Stewart CBD and Storz & Bickel.
The Smith Falls, Ontario-based company has positioned itself to capitalize on U.S. cannabis legalization through its rights to Acreage Holdings, a vertically integrated multi-state cannabis operator, Wana Brands, a cannabis edibles brand, and Jetty Extracts, a producer of cannabis extracts and a pioneer of clean vape technology.
Canopy Growth stock closed Thursday trading at C$6.00 per share, a loss of 5.36 per cent from the previous session. The stock has fallen by more than 83 per cent year-over-year and nearly 99 per cent since 2019.
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