CGC .. pre market .. Detailed Quote:CGC C
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Posted On: 08/15/2018 8:34:20 AM
CGC ..
pre market ..
Detailed Quote:CGC
CANOPY GROWTH CORPORATION
24.62Down -2.11 (-7.89 %)AS OF 4:03:50PM ET 08/14/2018
Last Trade 24.62
Trade Time 4:03:50pm ET
Change -2.11
% Change -7.89%
Bid 36.55 ** Currently
Bid Size 1
Ask 36.60 ** Currently
Ask Size 1
Open 25.96
Day High 26.37
Day Low 24.46
Previous Close
08/14/2018 24.62
52-Week High
06/22/2018 36.55
52-Week Low
08/21/2017 6.64
Price Performance (Last 52 Weeks)
08/14/2018 +249.22%
Volume 1,472,943 ** Currently
Volume (10 day Average) 2,184,833
Volume (90 day Average) 2,286,065
Market Capitalization $5.43B
Shares Outstanding 220,516,000
because of this .. disclosure LT investor of Canopy
Cannabis Firm Canopy Growth
BY MT Newswires
— 7:57 AM ET 08/15/2018
07:57 AM EDT, 08/15/2018 (MT Newswires) -- Constellation Brands (STZ) , the drinks maker with brands including Corona beer and Svedka vodka, is investing CAD$5 billion ($3.8 billion) in Canadian cannabis company Canopy Growth (CGC) to help push its plans to expand operations around the world.
Constellation said it's making the investment by increasing its ownership stake in Smiths Falls, Ontario-based Canopy, which makes cannabis for both medical and recreational use.
"Our business can now make the strategic investments required to accelerate our market position globally," said Bruce Linton, Canopy's co-chief executive officer. "Constellation's concentration of global cannabis activities exclusively through Canopy, coupled with the investment and its expert capabilities in brand-building, marketing, consumer insights and M&A will be a huge benefit as we look to expand our portfolio in Canada, the United States and emerging cannabis markets around the globe."
Constellation will acquire 104.5 million shares directly from Canopy Growth (CGC), marking 38% ownership when all of its warrants are exercised. The stock is being bought at CAD$48.60 per share, a 51% premium to Canopy's closing price Tuesday on the Toronto Stock Exchange.
As a growing number of US states agree to allow legal recreational cannabis and medical use becomes more common, investors have been looking for ways to jump into the industry. Canopy Growth (CGC) listed on the New York Stock Exchange in May, and its Toronto listing is up more than 8% this year. Canada is also preparing to allow widespread legal use of recreational cannabis later this year.
The new funds will give Canopy the ability to build or acquire assets it needs to "establish global scale in the nearly 30 countries pursuing a federally permissible medical cannabis program, while also rapidly laying the global foundation needed for new recreational cannabis markets," the company said in a statement.
The US will be a priority as Canopy said its Canadian platform doesn't require any additional cannabis cultivation assets.
Constellation will nominate four directors to Canopy's seven-member board of directors, and will also receive 139.7 million new warrants that can be exercised over the next three years. If Constellation were to exercise all the warrants, its ownership stake would grow to over 50%, it said.
"We've come to better understand the cannabis market, the tremendous growth opportunity it presents, and Canopy's market-leading capabilities in this space," said Constellation's chief executive, Rob Sands.
pre market ..
Detailed Quote:CGC
CANOPY GROWTH CORPORATION
24.62Down -2.11 (-7.89 %)AS OF 4:03:50PM ET 08/14/2018
Last Trade 24.62
Trade Time 4:03:50pm ET
Change -2.11
% Change -7.89%
Bid 36.55 ** Currently
Bid Size 1
Ask 36.60 ** Currently
Ask Size 1
Open 25.96
Day High 26.37
Day Low 24.46
Previous Close
08/14/2018 24.62
52-Week High
06/22/2018 36.55
52-Week Low
08/21/2017 6.64
Price Performance (Last 52 Weeks)
08/14/2018 +249.22%
Volume 1,472,943 ** Currently
Volume (10 day Average) 2,184,833
Volume (90 day Average) 2,286,065
Market Capitalization $5.43B
Shares Outstanding 220,516,000
because of this .. disclosure LT investor of Canopy
Cannabis Firm Canopy Growth
BY MT Newswires
— 7:57 AM ET 08/15/2018
07:57 AM EDT, 08/15/2018 (MT Newswires) -- Constellation Brands (STZ) , the drinks maker with brands including Corona beer and Svedka vodka, is investing CAD$5 billion ($3.8 billion) in Canadian cannabis company Canopy Growth (CGC) to help push its plans to expand operations around the world.
Constellation said it's making the investment by increasing its ownership stake in Smiths Falls, Ontario-based Canopy, which makes cannabis for both medical and recreational use.
"Our business can now make the strategic investments required to accelerate our market position globally," said Bruce Linton, Canopy's co-chief executive officer. "Constellation's concentration of global cannabis activities exclusively through Canopy, coupled with the investment and its expert capabilities in brand-building, marketing, consumer insights and M&A will be a huge benefit as we look to expand our portfolio in Canada, the United States and emerging cannabis markets around the globe."
Constellation will acquire 104.5 million shares directly from Canopy Growth (CGC), marking 38% ownership when all of its warrants are exercised. The stock is being bought at CAD$48.60 per share, a 51% premium to Canopy's closing price Tuesday on the Toronto Stock Exchange.
As a growing number of US states agree to allow legal recreational cannabis and medical use becomes more common, investors have been looking for ways to jump into the industry. Canopy Growth (CGC) listed on the New York Stock Exchange in May, and its Toronto listing is up more than 8% this year. Canada is also preparing to allow widespread legal use of recreational cannabis later this year.
The new funds will give Canopy the ability to build or acquire assets it needs to "establish global scale in the nearly 30 countries pursuing a federally permissible medical cannabis program, while also rapidly laying the global foundation needed for new recreational cannabis markets," the company said in a statement.
The US will be a priority as Canopy said its Canadian platform doesn't require any additional cannabis cultivation assets.
Constellation will nominate four directors to Canopy's seven-member board of directors, and will also receive 139.7 million new warrants that can be exercised over the next three years. If Constellation were to exercise all the warrants, its ownership stake would grow to over 50%, it said.
"We've come to better understand the cannabis market, the tremendous growth opportunity it presents, and Canopy's market-leading capabilities in this space," said Constellation's chief executive, Rob Sands.
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