Canopy Growth Corporation Announces New ATM Program
Overview of the ATM Program: Canopy Growth Corporation has launched an at-the-market equity program allowing the issuance and sale of up to US$200 million in common shares. The program includes a Canadian offering limited to US$50 million, with the total gross sales not exceeding US$200 million across both the U.S. and Canada.
Sales Mechanism: Shares will be sold directly on Nasdaq, TSX, or other trading markets at prevailing market prices, with the timing and volume of sales determined by the company.
Use of Proceeds: The net proceeds from the ATM Program will be allocated for business investments, potential acquisitions, working capital, and possibly repaying debt.
Details of the Distribution Agreement
Agreement Terms: The ATM Program operates under a distribution agreement with BMO Nesbitt Burns Inc. and BMO Capital Markets Corp. as agents, effective until June 5, 2027, or until the maximum offering price is reached.
Termination Conditions: The Canadian offering will automatically terminate under specific conditions, including reaching the US$50 million limit or regulatory notifications.
Regulatory Compliance and Documentation
Prospectus Supplements: The offering is qualified by a Canadian prospectus supplement and a U.S. prospectus supplement, both filed with relevant securities commissions.
Availability of Documents: Interested parties can access the distribution agreement and prospectus documents through SEDAR+ and EDGAR websites or by contacting the agents directly.
About Canopy Growth
Company Profile: Canopy Growth is a leading cannabis company focused on improving lives through cannabis products. It operates in Canada, Europe, and Australia, offering a range of brands and products.
U.S. Market Strategy: The company has a non-controlling interest in Canopy USA, which includes several cannabis brands and operators in the U.S. market.
Forward-Looking Statements
Nature of Statements: The release contains forward-looking statements regarding the ATM Program and its potential outcomes, which are subject to various risks and uncertainties.
Risk Factors: Potential risks include market volatility, regulatory changes, and operational challenges that could affect the company's performance and the realization of anticipated benefits from the ATM Program.
CGC
$1.83+Infinity%1D
Analyst Views on CGC
Wall Street analysts forecast CGC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CGC is 5.70 USD with a low forecast of 5.70 USD and a high forecast of 5.70 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
Wall Street analysts forecast CGC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CGC is 5.70 USD with a low forecast of 5.70 USD and a high forecast of 5.70 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 1.660
Low
5.70
Averages
5.70
High
5.70
Current: 1.660
Low
5.70
Averages
5.70
High
5.70
Alliance Global
Neutral
maintain
$2
2025-12-15
New
Reason
Alliance Global
Price Target
$2
2025-12-15
New
maintain
Neutral
Reason
Alliance Global raised the firm's price target on Canopy Growth to C$2.50 from C$2 and keeps a Neutral rating on the shares after the company announced plans to acquire MTL Cannabis in a cash and stock transaction at a total valuation of C$179M. The firm believes the combination of MTL being profitable and cash flow positive, along with providing access to quality indoor cultivation, makes the acquisition attractive, the analyst tells investors.
Benchmark
Sell -> Hold
upgrade
2025-11-10
Reason
Benchmark
Price Target
2025-11-10
upgrade
Sell -> Hold
Reason
As previously reported, Benchmark upgraded Canopy Growth to Hold from Sell following what the firm calls "another quarter of steady operational improvement." The company ended Q3 with liquidity now "sound," execution improving, and the Canadian core showing sustainable growth, prompting the firm to raise its rating, the analyst tells investors.
Benchmark
Mike Hickey
Sell -> Hold
upgrade
2025-11-10
Reason
Benchmark
Mike Hickey
Price Target
2025-11-10
upgrade
Sell -> Hold
Reason
Benchmark analyst Mike Hickey upgraded Canopy Growth to Hold from Sell.
Zuanic & Associates
Pablo Zuanic
Hold
Initiates
n/a
2025-03-27
Reason
Zuanic & Associates
Pablo Zuanic
Price Target
n/a
2025-03-27
Initiates
Hold
Reason
About CGC
Canopy Growth Corporation is a Canada-based cannabis company. The principal activities of the Company are the production, distribution and sale of a diverse range of cannabis and cannabinoid-based products for both adult-use and medical purposes under a portfolio of distinct brands in Canada. The Company delivers innovative products from owned and licensed brands, including Tweed, 7ACRES, DOJA, Deep Space, and Claybourne, as well as category defining vaporization devices by Storz & Bickel. Its segments include Canada cannabis, and Storz & Bickel. Its Canada cannabis segment includes the production, distribution, and sale of a range of cannabis, hemp, and cannabis related products in Canada. Its Storz & Bickel segment includes the production, distribution, and sale of vaporizers. In addition, it serves medical cannabis patients globally with principal operations in Canada, Europe and Australia.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
