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Why Canopy Growth Stock Is Tanking Today

Shares of Canopy Growth (NASDAQ: CGC) tanked on Thursday morning, and were trading 19.7% lower as of 11:04 a.m. ET. This deal was struck with some holders of the Canadian cannabis producer's senior convertible notes, notably including Greenstar Canada Investment Limited Partnership, a subsidiary of Constellation Brands (NYSE: STZ). Canopy will provide $2.35 million in cash and offer stock to the noteholders at a price between $2.50 per share and $3.50 per share.