Canopy Growth Corp (NASDAQ:CGC) announced a private placement of up to $50 million, causing its shares to trade lower. The company entered into subscription agreements with institutional investors for a private placement of nearly 23 million units at $1.09 per unit. The private placement is expected to result in gross proceeds of approximately $25 million, potentially climbing to $50 million. Canopy intends to use the additional liquidity for working capital and general corporate purposes.