Canopy Growth completes conversions under $100 mln debenture deal with institutional investor

Canopy Growth Corp.
CGC,
-11.38%
stock is up 1.8% in premarket trades after the cannabis company said it has completed all conversions under its sale of $100 million in senior unsecured convertible debentures sold to an institutional investor in February. The Smiths Falls, Ontario company initially announced the deal on Feb. 21. CFO Judy Hong said the completion, “underscores our continued commitment to deleveraging and strengthening Canopy Growth’s financial position,” according to a statement. The debentures were convertible into common shares at the option of the institutional investor at a price equal to 92.5% of the three-day volume-weighted average price of the common stock ending on the trading day prior to conversion. Canopy Growth has cut 1,200 jobs in past year and it issued a “going concern” warning earlier this month.