Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) has announced the establishment of a new at-the-market equity program (ATM program) that allows the company to issue and sell up to US$200 million of common shares from treasury in the United States and Canada. The sales of common shares in the ATM program in Canada are limited to aggregate gross sales proceeds of up to US$50 million, and the combined gross sales proceeds of the program in the United States and Canada will not exceed US$200 million.
The net proceeds from the ATM program, if any, are intended to be used for investments in businesses, potential future acquisitions, and for working capital and general corporate purposes, including the potential repayment of indebtedness.
The ATM program will be effective until the earliest of June 5, 2027, the issuance and sale of common shares having an aggregate offering price of US$200,000,000, the date on which the registration statement ceases to be usable for sales of shelf securities, the date on which the company receives notice from the U.S. Securities and Exchange Commission (SEC) that the registration statement has ceased to be effective, and the termination of the distribution agreement by the parties.
The offering of common shares under the ATM program is qualified by a prospectus supplement dated August 29, 2025, to the company’s Canadian short form base shelf prospectus dated June 5, 2024, and a prospectus supplement dated August 29, 2025, to the company’s U.S. base prospectus included in its registration statement on Form S-3 initially filed with the SEC on June 5, 2024.
Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through an unconsolidated, non-controlling interest in Canopy USA, LLC. This includes ownership of Acreage Holdings, Inc., a vertically integrated multi-state cannabis operator with operations throughout the U.S. northeast and midwest, as well as ownership of Wana Wellness, LLC, the Cima Group, LLC, and Mountain High Products, LLC, and majority ownership of Lemurian Inc., a California-based producer of high-quality cannabis extracts and clean vape technology.
As a result of these announcements, the company's shares have moved -4.25% on the market, and are now trading at a price of $1.80. For the full picture, make sure to review Canopy Growth Corp's 8-K report.
