did canopy growth stock split? Timeline & impact

Did Canopy Growth stock split? Short answer and what you need to know

Yes — did canopy growth stock split? The company carried out a 1-for-10 reverse stock split (also called a share consolidation) in December 2023. This article explains what the reverse split was, why Canopy Growth (TSX: WEED / Nasdaq: CGC) implemented it, the key dates and documentation, how fractional shares and options were handled, the immediate market coverage, and where investors can verify official records.

As of Dec 13–20, 2023, according to Canopy Growth’s press release and subsequent exchange and clearing notices, the company announced the consolidation, corporate documents cited an effective date in mid-December, and exchanges began trading post-consolidation shares the week of Dec 18–20, 2023. As of Dec 18, 2023, the Options Clearing Corporation (OCC) published an adjustment memo describing option contract changes tied to the consolidation.

This guide is written for investors and holders who want a factual, step-by-step account of the action and practical implications. It is neutral and informational — not investment advice. For authenticated records, check the company’s investor relations announcements and clearinghouse notices listed in the References section.

Overview

The corporate action was a 1-for-10 reverse stock split (share consolidation). That means every ten pre-consolidation common shares were converted into one post-consolidation share. The stated corporate objective was to regain compliance with Nasdaq’s minimum bid price requirement and to improve the company’s share price profile to support marketability and continued listing.

The event is often referenced by investors using questions such as did canopy growth stock split? This article aims to answer that question in detail and provide sources and practical guidance for holders and derivatives participants.

Company background

Canopy Growth Corporation is a Canada-based cannabis producer and related products company, commonly traded under tickers TSX: WEED and Nasdaq: CGC. The company’s operating and capital-market developments have been closely watched because its share price had declined significantly in prior years and the reverse split was a corporate step to address listing compliance.

Details of the reverse stock split

Ratio and type

• Ratio: The consolidation ratio was one post-consolidation share for every ten pre-consolidation shares (a 1-for-10 reverse stock split). This was a reverse split — not a forward split — meaning the number of issued shares decreased by a factor of ten and the per-share price increased proportionally (all else equal).

• Terminology: In filings and market notices the action is described as a “share consolidation” or “reverse stock split,” terms used interchangeably in corporate actions to denote a reduction in outstanding shares and proportional increase in per-share price.

Key dates

• Announcement date: As of Dec 13, 2023, Canopy Growth announced the 1-for-10 consolidation in a press release. That release indicated the board’s approval and related procedural steps.

• Corporate effective date: Company filings cited Dec 15, 2023 as the corporate effective date for the consolidation (the date the articles/amendments became effective under applicable corporate law). As of Dec 15, 2023, according to the company filing and release, the consolidation was effective at the corporate level.

• Exchange trading date (post-consolidation): Post-consolidation shares began trading on the Toronto Stock Exchange (TSX) and the Nasdaq on an adjusted-share basis at the market open on Dec 20, 2023 (the first trading day after the corporate effective date and exchange processing). Multiple market-data summaries also list Dec 20, 2023 as the trade-adjusted date.

• Options adjustment notice: The OCC published an options-adjustment memo dated Dec 18, 2023 describing the adjustment to option contracts and deliverable terms tied to the 1-for-10 split.

(As of Dec 20, 2023, according to market-data summaries, exchange feeds and clearinghouse notices, the practical trading and derivatives adjustments were in force following the consolidation.)

Symbol and CUSIP changes / options adjustments

• CUSIP: The post-consolidation CUSIP cited in clearing notices was 138035704 (noted in the OCC adjustment memo). The CUSIP change is a standard administrative step after consolidations and is used to identify the new consolidated share class.

• Symbol: On the TSX and Nasdaq the primary trading symbols remained the same in terms of letters (WEED and CGC respectively), but exchanges and brokers applied the share-count and price adjustment on the first post-consolidation trading day. Brokers and back-office systems may show the consolidated shares under the same tickers but tied to the new CUSIP and share count.

• Options adjustments: The OCC and other clearing organizations adjusted option contracts to reflect the 1-for-10 reverse split. Adjustments included proportional changes to the number of shares deliverable per option contract and the exercise price to preserve economic equivalence. For example, option multipliers and deliverable share counts were adjusted so the aggregate underlying economic exposure remained consistent before and after the consolidation, as detailed in the Dec 18, 2023 OCC memo.

Rationale for the consolidation

Canopy Growth stated the purpose was to regain and maintain compliance with Nasdaq’s minimum bid price requirement. Nasdaq rules generally require a minimum bid price (commonly $1.00) for listed securities; sustained failure to meet that standard can result in a deficiency notice and potential delisting procedures.

Common rationales for reverse stock splits include:

• Avoiding delisting by bringing the per-share price above exchange minimums;
• Improving the perceived share price and marketability to certain institutional or retail investors who screen by nominal price bands;
• Consolidating the shareholder base and simplifying capital structure mechanics.

Companies pursuing reverse splits do not change the company’s market capitalization solely by the split; they change only the share count and per-share basis. Market reaction and investor sentiment determine any post-split market-value change.

Mechanics and shareholder impact

How shares were converted

• Conversion math: For every ten pre-consolidation (old) common shares, shareholders received one post-consolidation (new) common share. That is the 1-for-10 conversion: 10 old shares → 1 new share.

• Ownership stake: A shareholder’s proportional ownership percentage in Canopy Growth did not change as a result of the split alone. If a holder owned 1% of outstanding shares before the consolidation, they held the same proportion afterward, assuming no other corporate actions or transactions.

• Market value: Absent market movement, the aggregate market value of a shareholder’s position would remain the same immediately after the split because the per-share price should adjust proportionally to the share consolidation. In practice, market forces can move the price post-split and change value.

Fractional shares

• Treatment of fractional entitlements: The company stated that fractional shares would not be issued. Fractional share entitlements resulting from the 1-for-10 conversion were cancelled for no consideration (i.e., fractional entitlements were rounded and the fractional portion was not paid out). This is common practice for consolidations when a shareholder’s pre-consolidation holdings are not an exact multiple of the split ratio.

• Practical effect: Holders whose pre-consolidation share counts did not divide evenly by 10 would see their new share counts rounded down to the nearest whole share under the company’s stated fractional-share policy. Shareholders should consult their broker statements for the exact post-consolidation share count recorded in their account and any cash-in-lieu treatment (if applicable) listed on the company’s notice.

Impact on convertible securities, options and warrants

• Convertible securities and warrants: Exercise prices and numbers of shares issuable upon conversion or exercise were proportionally adjusted to reflect the 1-for-10 consolidation. That means conversion or exercise prices were typically multiplied by 10 and the number of shares issuable upon conversion was divided by 10, preserving the underlying economic exposure.

• Options and derivatives: The OCC’s Dec 18, 2023 adjustment memo describes changes to option contract deliverables and multipliers. Option contracts were adjusted so that an option holder’s overall economic position remained equivalent pre- and post-consolidation. Clearinghouses also adjusted option symbols and settlement deliverables per standard corporate-action protocols.

• Documentation: Derivatives holders should review the OCC memo and their brokers’ communications for the exact adjusted contract details (including possible multiplier or type changes) and contact their clearing firms for any required reconciliation.

Market reaction and coverage

As soon as the consolidation was announced and implemented, financial media and market-data services reported on the action and short-term price moves. Coverage framed the step largely as a compliance-driven action, noting Canopy Growth’s prior share-price weakness and the broader cannabis industry headwinds.

• Reporting timeline: As of Dec 13, 2023, the announcement prompted immediate press coverage discussing the planned 1-for-10 consolidation. By Dec 18, 2023, the OCC memo and clearing notices were public and media outlets described the expected options adjustments. By Dec 20, 2023, post-consolidation trading and market-data summaries were available and reported on the initial opening prices and trading volume under the consolidated share basis.

• Media framing: Several outlets characterized the reverse split as a remedial compliance step to avoid delisting — a common interpretation for reverse splits when used in the context of exchange minimum price rules. Coverage noted the split’s symbolic meaning and practical administrative effects.

(For precise contemporaneous quotes and reported opening prices, consult the primary sources listed in the References section; media articles and exchange notices from mid-December 2023 provide the day-by-day pricing and volume details.)

Historical context and significance

Before the consolidation, Canopy Growth’s share price had fallen substantially from prior highs in earlier years when the cannabis industry experienced strong investor enthusiasm. The 1-for-10 reverse split is part of a sequence of corporate and operational adjustments companies use when share prices decline: recapitalizations, strategic refocusing, or governance changes can accompany or follow consolidations.

Reverse splits can be seen as both technical remedies (to meet listing standards) and symbolic signals. While they do not by themselves alter business fundamentals, investors and analysts often view a reverse split as an indicator that a company has faced sustained price pressure and is taking steps to maintain access to capital markets.

How to verify and where to find official records

Primary documentation and authoritative records are the best way to verify any corporate action. For the Canopy Growth consolidation, consult the following sources and notices (each named resource contains dates and formal language of record):

• Company press release and investor relations statements (announcement dated Dec 13, 2023) describing the board approval and consolidation terms.

• Company filings with applicable Canadian corporate regulators and published amendments that list the corporate effective date (Dec 15, 2023 was cited in company materials).

• Exchange notices and market-data summaries from the TSX and Nasdaq indicating the trading adjustment and first post-consolidation trading date (Dec 20, 2023 listed as the first adjusted trading day by market-data compilers).

• Options Clearing Corporation (OCC) and exchange clearing memos (OCC adjustment memo dated Dec 18, 2023) detailing option contract adjustments, new CUSIP numbers (138035704), and deliverable changes.

• Market-data services and corporate-actions summaries (e.g., CompaniesMarketCap listed Dec 20, 2023 for the 1:10 adjustment) and major business press articles reporting the event.

Always use the official company press release and the clearinghouse/exchange memos as the primary sources to confirm exact mechanics and legal effect. Brokerage account statements will reflect the post-consolidation holdings recorded by your broker and the clearing firm.

Implications for investors

• Proportional ownership: The consolidation did not change any shareholder’s proportional ownership percentage in isolation. Owners retained the same percentage share of the company after the conversion, ignoring market price movement.

• Brokerage and account records: Share counts shown in brokerage accounts were adjusted to reflect the 1-for-10 consolidation. Account holders should review their broker statements for the exact post-consolidation share count and any notes about fractional-share handling.

• Fractional entitlements: As noted, fractional shares were not issued; fractional entitlements were cancelled for no consideration under the company’s stated policy. Confirm whether your brokerage account reflects any cash-in-lieu entries (if any) or shows the rounding result.

• Tax and timing considerations: Tax consequences of a share consolidation can vary by jurisdiction and the holder’s circumstances. Because this content is informational and not tax advice, consult a qualified tax professional regarding how the consolidation affects cost basis, realized gains/losses, or reporting requirements in your jurisdiction.

• Convertible instruments and option holders: Convertible-security holders, warrant holders, and option holders saw proportional adjustments to exercise prices and share-deliverable numbers per clearinghouse and issuer notices. Review the OCC memo and broker communications to understand exact adjusted contract terms.

• No direct cash benefit: A reverse split is not a cash distribution event. The split itself does not provide cash to shareholders, although fractional-share policies may involve cash-in-lieu arrangements in some cases (noted above as cancelled for no consideration by this issuer).

Frequently asked practical questions

Q: Did canopy growth stock split reduce my ownership stake?
A: No. The proportion of ownership remained the same immediately after the split. The number of shares you hold decreased by a factor of ten, and the per-share price increased proportionally, in theory leaving your total economic exposure unchanged absent market movement.

Q: How were fractional shares handled?
A: Fractional shares were not issued. Fractional entitlements were cancelled for no consideration, per company notice. Check your broker statement for your account’s recorded share count.

Q: Were options affected?
A: Yes. The OCC and exchange clearinghouses adjusted option contracts on Dec 18, 2023 to reflect the 1-for-10 reverse split. These adjustments preserve the economic equivalence of contracts; consult your broker or clearing notices for contract-level details.

Q: Did the trading symbol change?
A: The ticker letters remained as WEED (TSX) and CGC (Nasdaq) in public quoting systems, but the CUSIP and share basis were updated to reflect the consolidated shares (new CUSIP noted in clearing notices). Your broker may show additional identifiers in account reports.

Q: Will there be tax consequences?
A: Tax treatment depends on jurisdiction and personal tax situation. This article is not tax advice. Consult a qualified tax adviser for guidance.

See also

• Reverse stock split: definition, mechanics and examples
• Nasdaq listing compliance rules: minimum bid price standard and delisting procedures
• Corporate actions and options adjustments: how the OCC and exchanges handle conversions and consolidations

Market-data, quantifiable items and verification notes

This section summarizes the quantifiable, verifiable items tied to the consolidation and provides guidance on where to corroborate numbers.

• Consolidation ratio: 1-for-10 (explicit and verifiable in the company press release dated Dec 13, 2023 and subsequent filings).
• Corporate effective date: Dec 15, 2023 as cited in the company’s filings and release.
• OCC memo date: Dec 18, 2023 (options adjustment memo describing deliverable and contract changes).
• Exchange trade-adjusted date: Dec 20, 2023 listed as the first trading day in the new consolidated basis by market-data compilations.
• Post-consolidation CUSIP: 138035704 (noted in clearing notices).

For day-by-day market caps, volumes, opening/closing prices and intraday pricing movement, consult the exchange data archives, company filings and contemporaneous news reports. The corporate press release, exchange notices and OCC memos are primary sources for the corporate-action mechanics and administrative identifiers.

Media coverage references and dates (sample)

• As of Dec 13, 2023, according to Canopy Growth’s press release announcing the 1-for-10 consolidation, the board approved the action and outlined the reasons tied to exchange compliance.
• As of Dec 18, 2023, according to the OCC memo, option contract adjustments were specified and the new CUSIP was referenced for clearing purposes.
• As of Dec 20, 2023, market-data compilations and business press outlets summarized trading on the first post-consolidation trading day and reported on opening prices and short-term volume under the consolidated basis.

Major business and market outlets provided analysis and headline coverage in the mid-late December period; these reports focused on the consolidation ratio, timing and the interpretation that the action was a compliance-driven step.

Guidance for holders and steps to take after a consolidation

1. Check your broker statement for the updated post-consolidation share count and any notes about fractional-share treatment or cash-in-lieu entries.
2. Review the company’s press release and the OCC/exchange memos for authoritative details, including the new CUSIP and option-adjustment rules.
3. If you hold options, warrants or convertible securities, consult your broker or clearing firm to confirm the adjusted contract terms and any action you need to take.
4. For tax questions about cost basis or reporting, seek advice from a tax professional in your jurisdiction.
5. If you use on-chain or custodial wallets for equities (or related tokenized assets), ensure you use trusted custody providers; for Web3 wallets, Bitget Wallet is available as a recommended secure option for managing Web3 assets and integrations within the Bitget ecosystem.

Neutral final notes and suggested follow-up actions

The direct answer to the search query did canopy growth stock split is yes — the company implemented a 1-for-10 reverse stock split in December 2023. The event was administrative in nature to address listing compliance and had standard mechanical consequences: share counts decreased by a factor of ten, fractional shares were not issued, derivative contracts were adjusted, and the corporate effective and trading dates were processed in mid- to late-December 2023.

If you are a shareholder or counterparty to derivatives, confirm your holdings and adjusted contract terms with your broker and consult primary documents (company press release, exchange notices, OCC memo) for authoritative details. To explore custodial or trading options for equities and related products, consider learning more about Bitget’s exchange services and Bitget Wallet for secure asset management.

Further exploration: read the company’s December 2023 press release and the Dec 18, 2023 OCC memo for complete legal and administrative language on the consolidation.

References

• Canopy Growth press release (announced Dec 13, 2023) detailing the 1-for-10 share consolidation and related corporate actions.
• Options Clearing Corporation (OCC) adjustment memo (dated Dec 18, 2023) describing options contract adjustments and new CUSIP 138035704.
• Market and business press coverage in mid-December 2023 (InvestorPlace, Business Insider/Markets, The Motley Fool, Moomoo reporting, StreetInsider) that reported the consolidation and post-consolidation trading coverage (dates: Dec 13–20, 2023).
• CompaniesMarketCap corporate-actions summary listing the 1:10 adjustment dated Dec 20, 2023.

(Use the company press release, exchange notices and the OCC memo above as primary verification documents for legal and administrative specifics.)