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Canopy Growth stock attracts capital after recent gains

Trevor Abes , The Market Herald Canada
0 Comments| 11 days ago

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  • Canopy Growth (TSX:WEED) is announcing a private placement with institutional investors for up to US$50 million
  • Management intends to use the funds for working capital and general corporate purposes
  • Canopy Growth is a North American cannabis and consumer packaged goods company
  • Canopy Growth stock (TSX:WEED) is up by 258.82 per cent since its 52-week low on July 14, 2023

Canopy Growth (TSX:WEED) is announcing a private placement with institutional investors for up to US$50 million.

Management intends to use the funds to strengthen its balance sheet through working capital and general corporate purposes.

The agreement entails the sale of up to 22,929,468 units priced at US$1.09 for proceeds of US$25 million.

Each unit is composed of one WEED common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share for US$1.35 for up to five years from issuance.

The institutional investors hold an over-allotment option to acquire up to an additional 22,929,468 units at the US$1.09 price.

Closing of the agreement (not including the over-allotment option) is expected by Tuesday.

The news follows a stretch of positive momentum for Canopy Growth’s stock, as highlighted by:

Canopy Growth is a North American cannabis and consumer packaged goods company. Its brands include Doja, 7ACRES, Tweed, Deep Space, This Works, Martha Stewart CBD and Storz & Bickel.

The company is positioned to capitalize on U.S. cannabis legalization through its rights to Acreage Holdings, a vertically integrated multi-state cannabis operator across the Northeast; Wana Brands, a leading cannabis edible brand in North America; and Jetty Extracts, a California-based producer of cannabis extracts and pioneer of clean vape technology.

Canopy Growth stock (TSX:WEED) last traded at $1.83 per share. The stock is up by 258.82 per cent since its 52-week low on July 14, 2023.

Join the discussion: Find out what everybody’s saying about this Canadian cannabis stock on the Canopy Growth Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.



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