Canadian cannabis company Canopy Growth Corporation is set to face another blow as its shares are removed from the S&P/TSX Composite Index, Canada's equivalent of the S&P 500.
The decision, announced on Friday by S&P Dow Jones Indices, underscores Canopy's ongoing struggles.
The S&P/TSX Composite Index imposes a requirement for securities to maintain a minimum float-adjusted market capitalization for inclusion. Unfortunately for Canopy, its market capitalization has experienced a steep decline alongside its share price.
In February 2021, Canopy's TSX-listed shares traded at a substantial CA$55 ($41), resulting in a market capitalization exceeding C$25 billion, as reported by The Globe and Mail. However, last Friday saw the Ontario-based company's Canadian shares close at a mere C$1.14, slashing its valuation to less than C$600 million.
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