Shares of cannabis company Canopy Growth to be consolidated on a one for 10 basis

Canopy Growth cannabis

Canopy Growth Corp. says a consolidation of its shares on a one-for-10 basis is expected to become effective on Friday.

The post-consolidation shares are expected to start trading on the Toronto Stock Exchange and the Nasdaq at market open on Dec. 20, subject to final confirmation from the Toronto Stock Exchange and the Nasdaq.

The cannabis company says the consolidation was approved by shareholders at a meeting on Sept. 25.

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It says the move is being implemented to ensure the company continues to comply with the listing requirements of the Nasdaq Global Select Market.

Shares in Canopy once traded for more than $60 per share, but have fallen significantly.

Canopy shares closed down eight cents at 93 cents on the Toronto Stock Exchange on Tuesday.

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