Canopy Growth Corp (NASDAQ:CGC) shares are trading lower by 6.7% to $0.81 Thursday morning. The stock is falling on downward momentum after the company on Wednesday filed for an offering of up to 45.9 million shares of common stock by the selling securityholders.
Canopy Growth says the company will receive no proceeds from the sale of the shares by the selling securityholders.
The company would, however, receive proceeds upon the exercise of the warrants held by the selling securityholders which, if such warrants are exercised in full for cash, would be approximately $31 million.
Canopy Growth says proceeds, if any, received from the exercise of any such warrants will be used for general corporate purposes.
Shifting conditions facing the cannabis industry will be discussed at the Benzinga Cannabis Capital Conference so you won’t want to miss out. Join us in Chicago this September 27-28.
Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
According to data from Benzinga Pro, CGC has a 52-week high of $4.77 and a 52-week low of $0.35.
