Canopy Growth Corporation CGC shares are trading higher Wednesday. The stock effected a share consolidation on Dec. 15, and post-consolidation shares began trading at the market open Wednesday.
What To Know:
Canopy Growth shares consolidated at a 1-for-10 ratio in order to regain compliance with the Nasdaq minimum bid requirement.
Judy Hong, CFO of Canopy Growth, said, "By implementing this share consolidation, Canopy Growth expects to regain compliance with the Nasdaq's bid requirement and further support the marketability of the Company's shares."
Canopy Growth completed a divestiture of its This Works skincare and wellness brand. Inspirit Capital, a London-based investment firm, paid up to £9.3 million ($11.7 million) including cash, and This Works' leadership, staff, and intellectual property will transfer to Inspirit Capital.
"We are resolutely focused on achieving North American cannabis market leadership, and this completed sale represents a further step to enable this through the transformation of Canopy Growth into a simplified, asset-light, cannabis focused business," said David Klein, CEO, Canopy Growth.
Related News: What's Going On With Palantir Stock?
CGC Price Action: According to Benzinga Pro, Canopy Growth shares are up by 3.91% at $5.40 at the time of publication.
Image: TungArt7 from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.