What's Going On With Canopy Growth Stock?

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.

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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