What's Going On With Canopy Growth Stock?

Canopy Growth Corp 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.

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According to data from Benzinga Pro, CGC has a 52-week high of $4.77 and a 52-week low of $0.35.