Canopy Growth Insiders Sell $135 Million of Stock

With the stock near an all-time high, eleven Canopy Growth (TSX: WEED) (NYSE: CGC) insiders sold shares as the company’s FY19-Q2 was ending in September. The sales come on the heels of the acquisition of Canopy Health, and many followed options exercises. In total, insiders sold 2.08 million shares for proceeds of $135 million, per data posted to sedi.ca:

Director John Bell exercised options ranging from C$2.11 to C$30.145. CMO Dave Bigioni exercised options at C$8.91. Director Murray Goldman sold shares from Goldamp Holdings, which retains 1.5 million shares, and Goldman continues to hold a substantial number of shares indirectly in other entities. Co-CEO Bruce Linton made outright sales from HBAM Holdings, which holds over 2.25 million shares subsequently.

David Pryce exercised options at C$11.71. CFO Tim Saunders exercised options with strike prices ranging from C$1.92 to C9.88. Director Christopher Schnarr exercised options with strike prices ranging from C$3.85 to C$24.12. Chief Legal Officer Phillip Shaer exercised options ranging from C$2.68 to C$8.18. Director Peter Stringham exercised options at C$3.86. CIO Ru Wadasinghe exercised options ranging from C$3.86 to C$8.18. Co-CEO Mark Zekulin exercised options ranging from C$2.11 to C$9.88.

Co-CEO Bruce Linton has sold shares several times over the past few years, with the first sale made in June of 2016, when he sold 400,00 shares at prices ranging from C$2.68-2.78. In March of 2017, he sold an additional 350,000 shares at an average price of C$10.6427. In December of 2017, he sold 200,000 shares at an average price of C$20.1794.

CFO Saunders sold 116,667 shares in February 2017 at C$11.763 after exercising options at C$1.92, 50,000 shares in March 2017 at C$12.00 after exercising options at C2.95 and 149,999 shares at C$18.54 after exercising options at C$1.92-2.68.

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Exclusive article by Alan Brochstein, CFA
Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online communities 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email

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