Canopy Growth’s stock slides below $1, triggering delisting notice

Canopy Growth Corp.
CGC,
-40.91%
said Friday it received written notice from the Nasdaq Stock Market listing qualification department that it is not in compliance with the exchange’s listing rules. Canopy Growth said it received notice from the Nasdaq on July 11 that its stock has been below $1.00 per share for 30 consecutive business days. The company has 180 calendar days from the date of the letter, or until Jan. 8, to regain the $1 minimum price requirement. Any potential reverse stock splits must be completed by no later than 10 business days prior to the expiration of the compliance period, the company said in a filing. The stock was down 38% to 40 cents a share in Friday trades, after it announced a plan to reduce its debt by about $333 million.