U.S. Markets closed

Canopy Growth To Replace Goldcorp In The S&P/TSX 60 Index

Andrew Ward

Cannabis brand Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced it will join the S&P/TSX 60 Index, replacing Goldcorp Inc. (NYSE: GG) on the Index.

Canopy’s addition to the S&P/TSX 60 Index will take place at the commencement of trading on April 18.

Goldcorp is expected to be soon acquired by Newmont Mining Corp (NYSE: NEM), pending the completion of final terms and conditions.

The Cannabis Capital Conference returns to Toronto April 17-18!

Why It Matters

The S&P/TSX 60 Index is aimed at exposing investors to 60 large companies across 10 sectors on the Toronto Stock Exchange. Canopy will join the Index after meeting eligibility milestones in regards to certain market capitalization, liquidity and domicile requirements. Canopy's activity in the cannabis industry includes cultivation, processing and selling medical cannabis.

The addition marks another significant accomplishment for Canopy, according to founder and CEO Bruce Linton.

"First traded on the TSX Venture Exchange on April 4, 2014, I cannot think of a better way to celebrate our 5th year anniversary as a publicly traded company, than being added to the TSX's large-cap index," Linton said in a press release.

The move marks the Ontario-based company’s latest growth in the market, which includes graduating to the primary TSX board back in 2016.

Canopy Growth's NYSE stock traded higher by 5 percent to $42 per share Friday afternoon.

Related Links:

Canopy Growth Announces Acquisition of AgriNextUSA, Expanding Hemp Business

Canopy Growth's Q3 Revenue Jumps 283% Year-Over-Year

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.