Welcome to our dedicated page for Canopy Growth Corporation Common Shares news (Ticker: CGC), a resource for investors and traders seeking the latest updates and insights on Canopy Growth Corporation Common Shares stock.
Canopy Growth Corporation (Symbol: CGC) is a leading North American cannabis company headquartered in Smiths Falls, Canada. The company is renowned for its extensive portfolio of brands, including Doja, 7ACRES, Tweed, and Deep Space, and its significant presence in both medicinal and recreational cannabis markets. Canopy Growth operates millions of square feet of indoor greenhouse production capacity, emphasizing quality and innovation in the cannabis industry.
Canopy Growth's product range extends beyond THC products to include non-THC offerings such as Martha Stewart CBD skincare products and premium vaporizers by Storz & Bickel. The company's commitment to delivering high-quality cannabis products is evident through continuous product innovation, such as the launch of new pre-roll products under its 7ACRES and Hiway brands, designed to cater to various consumer preferences and price points.
Recent Developments
- On February 22, 2024, Canopy Growth announced the introduction of five new pre-roll products across its adult-use cannabis portfolio, featuring unique filter designs and high THC content.
- On March 11, 2024, the company detailed a special resolution to amend its articles of incorporation, paving the way for the creation of non-voting exchangeable shares, which was approved by shareholders on April 12, 2024.
- On May 3, 2024, Canopy Growth secured approximately US$50 million from an institutional investor, enhancing its financial stability and liquidity.
- On May 7, 2024, Canopy USA, LLC exercised options to acquire Wana Brands and Jetty Extracts, marking a strategic move to consolidate its presence in the U.S. cannabis market.
- On May 30, 2024, Canopy Growth released its financial results for the fourth quarter and fiscal year ended March 31, 2024, highlighting significant reductions in expenses, cash burn, and debt.
- On June 4, 2024, the company exercised its option to acquire all issued and outstanding Class E subordinate voting shares of Acreage Holdings, Inc., further solidifying its market position in the U.S.
- On June 6, 2024, Canopy Growth announced an at-the-market equity program to issue and sell up to US$250 million of common shares for future investments and corporate purposes.
Canopy Growth's strategic focus includes advancing its Canopy USA strategy to capitalize on the U.S. THC market. The company's ecosystem encompasses rights to Acreage Holdings, a multi-state cannabis operator, Wana Brands, a leading edibles brand, and Jetty Extracts, a producer of high-quality cannabis extracts.
In addition to its product and market expansions, Canopy Growth maintains a strong commitment to social equity, responsible use, and community reinvestment. The company aims to pioneer a future where cannabis is widely accepted and utilized for its potential to enhance well-being and quality of life.
For more information, visit Canopy Growth’s website.
On October 24, 2022, Canopy Growth and Canopy USA completed a reorganization resulting in Canopy USA acquiring all of Canopy Growth's interests in TerrAscend Corp. This included 38,890,570 Exchangeable Shares and significant equity options and warrants, resulting in a 100% decrease of Canopy Growth's direct interest. Post-reorganization, Canopy Growth no longer owns any securities in TerrAscend, while Canopy USA controls 100% of the Exchangeable Shares and approximately 19.9% of Common Shares. Future plans regarding these securities remain uncertain, depending on market conditions.
Canopy Growth Corporation announced a strategic move to create a new holding company, Canopy USA, designed to fully capture its U.S. cannabis investments, targeting a market projected to exceed $50 billion by 2026. The formation of Canopy USA enables the acquisition of Acreage Holdings and optimizes the company's balance sheet to facilitate growth opportunities. Canopy aims to consolidate its U.S. cannabis assets, enhancing revenue and operational synergies while positioning itself to benefit from future U.S. federal legalization of cannabis.
Canopy Growth Corporation (CGC) announced the divestiture of its Canadian retail operations to focus on profitability and premium branding. The company reached agreements with OEG Retail Cannabis and 420 Investments Ltd. for the sale of its stores under the Tweed and Tokyo Smoke banners. These moves are expected to streamline operations and enhance operational savings, aligning with the company’s strategic objectives. The transactions are subject to regulatory approvals, and the closing is anticipated to provide significant cost savings in line with prior operational targets.
Canopy Growth Corporation held its annual general and special meeting on September 15, 2022, with a total of 256,426,802 shares voted, representing 53.42% of its outstanding shares. All items on the agenda, including director elections and auditor re-appointment, were approved. Key nominees like Judy A. Schmeling received 96.66% support. The meeting also saw approval for the Employee Stock Purchase Plan and a non-binding compensation resolution for executives. For detailed voting results, refer to the Company's Report of Voting Results.
STORZ & BICKEL, a subsidiary of Canopy Growth Corporation (CGC), launched a limited-edition VOLCANO CLASSIC, named PEACE VOLCANO, with only 1,000 units available. The device features a new white design and supports the "with Love, for Peace" campaign. For each unit sold at $479, €100 will be donated to charities aiding humanitarian efforts in Ukraine, totaling €100,000. The campaign aims to promote solidarity and awareness during challenging times. The PEACE VOLCANO symbolizes mindfulness and peace, aligning with STORZ & BICKEL's commitment to social responsibility.
Canopy Growth Corporation (TSX: WEED, NASDAQ: CGC) will hold its 2022 Annual General and Special Meeting virtually on September 15, 2022, at 1:00 PM ET. Eligible shareholders as of July 22, 2022, can vote via live audio webcast. Important participation information is outlined in the proxy statement, available online. Shareholders received a notice of internet availability detailing how to access materials and vote, encouraging early proxy submission.
Canopy Growth is a leading cannabis company with diverse product offerings across various consumer sectors.
Martha Stewart CBD has introduced a new flavor of its gummies, Pumpkin Spice CBD Wellness Gummies, available for $34.99 on marthastewartcbd.com. This product launch reflects the brand's strategy to expand its offerings and tap into seasonal trends. Each gummy contains 10mg of pure CBD isolate, aiming to enhance consumer experience with a tasty, convenient wellness option. This launch marks a continuation of Martha Stewart's collaboration with Canopy Growth Corporation, highlighting their presence in the rapidly growing CBD market.
Canopy Growth reported its Q1 FY2023 results on August 5, 2022, reflecting a 19% year-over-year decline in net revenue to $110.1 million. The international medical cannabis revenue doubled driven by strong sales in Israel and Australia. Despite maintaining the #1 market share in the premium flower segment, gross margin fell to (1%) from 20% a year earlier due to lower production and price pressures. The company recognized a non-cash goodwill impairment of $1.725 billion. Operating expenses decreased by 13%, and BioSteel revenue surged by 169%.
Canopy Growth Corporation (NASDAQ: CGC) appoints Christelle Gedeon, Ph.D., as the new Chief Legal Officer, effective immediately. Gedeon, a notable figure in the cannabis sector, brings over a decade of legal experience, including prior roles at The Metals Company and Aphria. Her background includes significant expertise in regulatory structures and corporate governance, having played a part in over 50 mergers and acquisitions. CEO David Klein expressed confidence in Gedeon's ability to enhance Canopy Growth's strategy for North American cannabis leadership.
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