You are here
Home 🌿 Marijuana Business News 🌿 Canopy Growth Corp. (Tweed) surprises investors with bought deal announcement 🌿News Categories
Canopy Growth Corp. (Tweed) surprises investors with bought deal announcement
Marijuana-producing Canopy Growth Corp. announced on Friday that it has raised $12.5-million in an equity bought deal, led by Dundee Securities Corp.
The stock sale was done at $2.05 a share, a discount of 15.5 per cent compared with where Canopy shares closed on Thursday.
The announcement of a dilutive equity deal was an about-face for the company. In an interview with The Globe and Mail on Tuesday, Canopy chief executive officer Bruce Linton played down any talk of a capital raise being imminent.
“At this time, no,” he said, explaining that Canopy was sufficiently well-capitalized for now, having raised $22-million earlier in the year.
Mr. Linton also expressed optimism that the next time Canopy needs to raise capital, the company would be “mature enough” to qualify for debt.
“I have $60-million of tangible assets creating real cash flows,” he pointed out as evidence that the company was “debt-ready.”
Over...
This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
420 Intel is Your Source for Marijuana News
420 Intel is the leading source for cannabis news from around the world. Get the latest updates on cannabis legalization, politics and technology, as well as developments in medical and recreational marijuana news. Our commitment is to bring you the most important cannabis news stories every day of the week.
At 420 Intel we understand that effective marijuana industry news coverage is a constant endeavor. Every day stories develop regarding cannabis legalization, technological developments, and the medicinal benefits of marijuana use. Each new development carries the potential to impact the marijuana industry regionally, nationally, and internationally. 420 Intel is the marijuana industry news outlet that will keep you up to date on these developments and how they impact the world around you.
With the marijuana industry constantly evolving, you need a cannabis news outlet to keep you abreast of the pertinent information. At 420 Intel, we cover marijuana legalization news throughout the world, offer reliable information for cannabis business owners, detail technological advances that impact the marijuana industry, cover marijuana rallies from across the globe, and everything in between.
You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.
