08:22 AM EDT, 06/06/2024 (MT Newswires) -- Canopy Growth Corporation ( CGC ) , a global cannabis company, was at last look on Thursday down more than 3% in US premarket trade as it established an at-the-market equity program that allows it to issue and sell up to US$250 million (or its Canadian dollar equivalent) of common shares of the company from treasury from time to time in concurrent public offerings in the United States and Canada.

A statement noted any common shares sold in the ATM Program will be sold in transactions made directly on the Nasdaq or the TSX or on any other available U.S. or Canadian trading market. The volume and timing of sales under the ATM Program, if any, will be determined in the company's sole discretion and are subject to customary conditions precedent. The common shares will be distributed at market prices prevailing at the time of each sale or at certain other prices and, as a result, prices may vary as between purchasers and during the period of distribution under the ATM Program.

Canopy Growth ( CGC ) said it intends to use the net proceeds from the ATM Program, if any, for investments in businesses and/or to fund any potential future acquisitions and for working capital and general corporate purposes, which may include the repayment of indebtedness, which has been significantly reduced over the prior 18 months.