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Canopy Growth Corporation CGC shares are trading higher on Tuesday. The company announced a share consolidation on a 1-for-10 basis last week. Here’s what you need to know.
What To Know: Shares of Canopy rose rapidly in early December. The stock’s move higher at the beginning of the month coincided with significant developments, including the completion of the sale of BioSteel Canada and BioSteel Manufacturing, LLC.
Around the same time, Canopy also announced that it had launched a line of CBD gummies with Martha Stewart CBD.
However, the excitement was short-lived as the stock soon began to plunge. When the company announced the effective date for its share consolidation to regain compliance with Nasdaq listing requirements, the selloff in the stock accelerated.
The company then effected a share consolidation at a 1-for-10 ratio on Dec. 15. Post-consolidation shares began trading last Wednesday and the stock began to reverse from its losing streak. On Tuesday, the upward momentum continued as the stock saw increased attention across various social platforms. Canopy shares were up approximately 15% over the last week at publication time.
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CGC Price Action: Shares of CGC were up 9.7% at $5.63 at the time of publication, according to Benzinga Pro.
Image by 7raysmarketing from Pixabay
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