What's Going On With Canopy Growth Stock?
Portfolio Pulse from Erica Kollmann
Canopy Growth Corporation (NASDAQ:CGC) has announced an agreement to sell its Hershey Drive facility in Smiths Falls, Ontario to Hershey Canada, Inc. for approximately C$53 million in cash. This move is part of the company's transformation to an asset-light operating model. The company recently reported its first-quarter financial results with quarterly sales of C$109.00 million, beating the consensus estimate of C$67.98 million.
August 17, 2023 | 5:02 pm
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Canopy Growth Corporation's decision to sell its Hershey Drive facility is part of its strategy to become an asset-light business. This, along with its recent strong quarterly results, could positively impact its stock price.
The sale of the Hershey Drive facility is a significant step in Canopy Growth Corporation's transformation to an asset-light operating model. This move, coupled with the company's strong first-quarter financial results, could make the company more attractive to investors, potentially driving up its stock price.
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