11:17 AM EDT, 06/06/2024 (MT Newswires) -- Canopy Growth ( CGC ) said Thursday it has established a $250 million at-the-market equity program.

The program allows the cannabis company to sell its common shares from time to time in concurrent public offerings in the US and Canada.

The company said it plans to use any net proceeds from the program for investments in businesses and/or to fund any potential future acquisitions, among other things.

Canopy Growth ( CGC ) shares were down 8.5% in recent trading.

Price: 7.15, Change: -0.66, Percent Change: -8.48