Zinger Key Points
- Canopy Growth completes the sale of BioSteel Canada and BioSteel Manufacturing, LLC resulting in gross proceeds of $30.4 million.
- The company says that a portion of proceeds realized from the sale will be used to repay debt and further reduce interest expenses.
- Get access to the leaderboards pointing to tomorrow’s biggest stock movers.
Canopy Growth Corporation CGC shares are trading higher Monday, and the stock is up by more than 20% over the last five days.
What To Know:
Canopy Growth announced on Friday that it has completed the sale of BioSteel Canada and BioSteel Manufacturing, LLC resulting in gross proceeds of $30.4 million.
The company stated that a portion of proceeds realized from the sale will be used to repay debt, which is expected to further reduce interest expenses.
Cannabis investors are anticipating a vote from German lawmakers next week on a measure that could legalize the use and cultivation of recreational marijuana in Germany. Canopy Growth has a German subsidiary, Canopy Growth Germany GmbH, supplying medical marijuana under the brand Canopy Medical.
According to data from Benzinga Pro, shares of CGC are trading above the stock's 50-day moving average of 63 cents, yet well-below its 52-week high low of $4.76.
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CGC Price Action: According to Benzinga Pro, Canopy Growth shares are up by 8.5% at 67 cents at the time of publication.
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