Fluctuating Stock: Canopy Growth Corp (NYSE: CGC)

On 01 Oct 2019, Canopy Growth Corp (NYSE: CGC) below -4.8% and ended at $21.83. The stock market capitalization arrived at $5.076B and total traded volume was 5,825,475 shares. During last trade, its maximum trading price was registered $22.91 and it’s the minimum trading price was noted $21.62.

Canopy Growth Corporation (CGC) is happy to announce that it has completed an all-cash transaction to purchase a majority stake in BioSteel Sports Nutrition Inc. (“BioSteel”), a leading producer of sports nutrition products. The transaction provides Canopy Growth with a important platform to enter the sports nutrition and hydration section, and lays the groundwork for the adoption of cannaofferiol (“CBD”) in future product offerings in accordance with regulations globally including products to be sold in the U.S. containing CBD sourced from federally permissible industrial hemp.

“The use and acceptance of CBD-based products in the professional sports landscape has changed. We have witnessed the negative effects of prescription painkillers and athletes are looking for healthier alternatives,” stated Michael Cammalleri, Co-Founder and Co-CEO, BioSteel Sports Nutrition. “Its presence is already ordinary place amongst NHL players and as a regular CBD user myself, I couldn’t be more proud to champion BioSteel’s evolution and leadership in this space.”

“Since inception, BioSteel has taken great pride in being at the forefront of healthy and natural sports nutrition. Joining Canopy Growth, the world leader in cannabis research, development and production, reflects the natural evolution of our brand and will allow us to expand our product offering and global distribution,” stated John Celenza, Co-Founder and Co-CEO, BioSteel Sports Nutrition. “The consumer market and many of our athletes have a growing knowledge of cannabis and CBD products and this joint venture ensures that we will continue to raise the bar in the sports nutrition field.”

CGC plunged -9.08% in past week and declined -7.42% in one month. During the past three month period the stock dropped -45.53% and decreased -49.41% in past six month while year to date performance of -18.76%.

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