Canopy Growth Corp (C:WEED)
Shares Issued 220,585,018
Last Close 9/4/2018 $68.83
Wednesday September 5 2018 – In the News
The Financial Post reports in its Wednesday edition that short-sellers appear to have covered their positions in Canopy Growth last month after news that it had lined up a massive investment from Constellation Brands. The Post’s Geoff Zochodne writes that IHS Markit information shows the number of Canopy shares sold short plummeted following word of the transaction, which could eventually see Constellation increase its interest in the cannabis producer to more than 50 per cent. The deal was announced on Aug. 15, when the short interest in Canopy was about 19.3 million shares. That figure began to decline noticeably in the days that followed, reaching as low as 10.4 million shares, the lowest level since February. As of Aug. 30, short interest in Canopy stood at about 11.2 million shares, down about 8.1 million shares from the day the deal was announced. During the same period, Canopy’s stock price rose nearly 80 per cent in Toronto. The rapid price rise for cannabis stocks ahead of Canada’s legalization of recreational pot this fall has managed to keep the shares of some pot producers under scrutiny — and in the crosshairs of some short-sellers. Shorts are likely to keep betting against some pot stocks.
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