What’s Going On With Canopy Growth Stock?
Canopy Growth Corporation (NASDAQ:CGC) shares are moving higher in early trading Friday following gains of more than 20% on Thursday. Here’s a look at what’s going on.
The Details:
Canopy Growth announced after the market close Thursday that CBI exchanged 17,149,925 common shares in the capital of the company for exchangeable shares for no consideration. As a result, the CBG Group no longer holds any common shares in the company.
In connection with the note exchange, Garth Hankinson, Judy Schmeling and James Sabia each resigned from the board effective immediately.
“This is another important step forward for the Canopy USA strategy following the recent and overwhelming approval of our shareholders to create this exchangeable class of shares,” said David Klein, CEO of Canopy Growth.
“We look …