Shares of cannabis company Canopy Growth to be consolidated on a one-for-10 basis

Staff work in a marijuana grow room that can be viewed by at the new visitors centre at Canopy Growth facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. (THE CANADIAN PRESS/Sean Kilpatrick)

SMITHS FALLS, Ont. — Canopy Growth Corp. says a consolidation of its shares on a one-for-10 basis is expected to become effective on Friday.

The post-consolidation shares are expected to start trading on the Toronto Stock Exchange and the Nasdaq at market open on Dec. 20, subject to final confirmation from the Toronto Stock Exchange and the Nasdaq.

The cannabis company says the consolidation was approved by shareholders at a meeting on Sept. 25.

It says the move is being implemented to ensure the company continues to comply with the listing requirements of the Nasdaq Global Select Market.

Shares in Canopy once traded for more than $60 per share, but have fallen significantly.

Canopy shares closed down eight cents at 93 cents on the Toronto Stock Exchange on Tuesday.

This report by The Canadian Press was first published Dec. 13, 2023.