Share Consolidation Update (Sept 25, 2024)I had posted earlier that what I was seeing is the share consolidation taking place
no later than Jan of 2024 with the possibility that this would be
extended out to July of 2024 with an approved extension being provided by the NasDaq.
The approval is likely IMHO as I have seen it now on other Cannabis stocks and deem it as "likely" as well for Canopy Growth. If the extension does indeed get approved (as I suspect) then Canopy Growth is provided more time to strenghten sales and improve the QTR reports further and hense motivate more investors to take up positions on the stock.
While poking around to confirm some of my research I revisited the DeepDive article that came out on the subject and they note Sept 25 of 2024.
Taken from DeepDive Article (July 14, 2023): In an effort to satisfy the requirement, the company has indicated that it will include a proposal for a share consolidation at its upcoming annual general and special meeting of shareholders. The proposal will outline a consolidation within a range of one post-consolidation share for every 5 to 15 pre-consolidation common shares, with the final ratio to be determined by the firms board of directors.
The consolidation, if approved, would have until September 25, 2024 to be placed into effect, as per the proposal.
Personally I do not see Canopy Growth going forward with a reverse split until they are absolutely without any other options therefore I suspect it will be deferred until some point in 2024.
DeepDive Article Referenced Above: https://thedeepdive.ca/canopy-growth-to-propose-share-consolidation-of-up-to-1-for-15-shares/ For those who seem to think the last report was poor then I would invite them to #1 - Research it themselves #2 - Check out the article noted here which touches on the topic:
(Aug 9, 2023) Canopy Growth Q1 Earnings: Cannabis Company Beats Sales Estimates, Rises In After-Hours Trading https://markets.businessinsider.com/news/stocks/canopy-growth-q1-earnings-cannabis-company-beats-sales-estimates-rises-in-after-hours-trading-1032536924 If you care to check out trading prices prior to and following the last report then I would suggest the Globe and Mail website as it's free and does a decent presentation of the historical price movements.
Globe and Mail - Canopy Growth (WEED) chart https://www.theglobeandmail.com/investing/markets/stocks/WEED-T/