EXCLUSIVE – Canopy Growth CFO On ATM Equity Offering: ‘We Have One Of The Strongest Balance Sheets In … – Markets Insider

Canopy Growth Corporation (NASDAQ:CGC)’s announcement of an at-the-market (ATM) equity program has generated significant buzz within the cannabis industry, even as the stock traded down following the news. The program, which allows Canopy to issue and sell up to $250 million worth of its common shares, aims to bolster the company’s financial flexibility and support its strategic initiatives.

In an exclusive conversation with Benzinga Cannabis, Judy Hong,s  Canopy Growth’s CFO emphasized the company’s strong financial position and strategic rationale behind the ATM program. “We’re pleased to announce this offering, which further enhances Canopy’s financial flexibility and balance sheet. Having already reduced our debt by more than $1.1 billion over the past 18 months, and with no material debt maturing until 2026, Canopy has one of the strongest balance sheets among major cannabis companies,” Hong said.

She highlighted Canopy’s significant debt reduction over the past year and a half, positioning the company favorably compared to many of its peers in the cannabis sector. The $250 million ATM, equivalent to approximately CAD $340 million, represents a substantial portion of Canopy’s outstanding long-term debt, further solidifying its cash and debt position.

Strategic Use Of Proceeds

Canopy plans to utilize the proceeds from the ATM program

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