Canopy Growth Corp.’s stock
CGC,
WEED,
was down 9.5% to $4.56 a share on Tuesday after the company said it agreed to sell $30 million in units in a private placement with institutional investors. Canopy Growth said it OK’d the sale at a price of $4.29 per unit, which is below the stock’s closing price of $5.04 a share on Monday. Canopy Growth will use proceeds to reduce its debt. Each unit will be made up of one common share of the company and one warrant, which will entitle holders to buy one common share at $4.83 a share.
