Why Canopy Growth Stock Is Tanking Today
Portfolio Pulse from Vuk Zdinjak
Canopy Growth (NASDAQ:CGC) (TSX:WEED) shares dropped 19.07% in Friday's pre-market session after the company announced a series of agreements to deleverage its balance sheet. The agreements are expected to reduce the company's total debt by approximately $437 million over the next 6 months and lower annual interest costs by $20 to $30 million. The company will also preserve approximately $92 million in cash and reduce $100 million of principal indebtedness under the credit facility.
July 14, 2023 | 12:49 pm
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Canopy Growth's stock price dropped due to the announcement of agreements to deleverage its balance sheet.
The company's announcement of deleveraging its balance sheet, which includes reducing its total debt and lowering annual interest costs, has led to a drop in its stock price. This is likely due to investor concerns about the company's financial health.
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