Cannabis company Canopy Growth stock drops after $30 million private placement at a discount price

Canopy Growth Corp.’s stock was down 9.5% to $4.56 a share on Tuesday after the company said it agreed to sell $30 million in units in a private placement with institutional investors.

While it’s backed by deep-pocketed liquor giant Constellation Brands Inc.,
STZ,
+0.85%,
Canopy Growth
CGC,
-8.63%

WEED,
-8.46%
has yet to turn a profit and it’s been making moves to strengthen its balance sheet.