What’s Going On With Canopy Growth Stock Today?
Canopy Growth Corporation (NASDAQ:CGC) shares are trading lower Monday. The company announced Institutional Shareholder Services (ISS) has recommended that Canopy shareholders vote to approve the creation of exchangeable shares to further the advancement of Canopy USA.
The Details:
ISS recommended that shareholders vote in favor of the amendments to the company’s articles of incorporation at the special meeting of shareholders on April 12 which would allow for the acceleration of its entry into the U.S. cannabis industry through the creation of a new U.S.-domiciled holding company, Canopy USA, LLC.
“Support for this proposal is warranted. Although approval of this proposal would create an additional class of non-voting securities, the company determined that this proposal will help it and its shareholders remain compliant with applicable U.S. federal law,” ISS stated in its report.
If approved, Canopy USA will hold all of the U.S. cannabis investments and enable Canopy USA to exercise rights and acquire Acreage Holdings, Inc., Mountain High Products, …