Shares of Canopy Growth (WEED.TO)(CGC) fell more than 25 per cent on Wednesday, thanks to a one-for-10 stock consolidation that the Canadian pot producer says it needs to regain compliance with Nasdaq listing rules.
Once a top player in Canada’s high-flying cannabis sector, Canopy’s Toronto-listed stock traded in the mid-$60 range in 2018. However, pot stocks have plummeted in the years since Canada legalized the drug for recreational use, as the surging popularity of discount pot and government excise taxes compressed margins, and hopes for timely U.S. federal legalization faded.
Canopy Growth’s Canadian shares closed at $0.93 on Tuesday.
On Wednesday, the company announced an effective date of Dec. 15 for the consolidation of its shares on a…
