Canopy Growth Corp (WEED)

[Wo]

Canopy Growth Insiders Sell $135 Million of Stock
October 3, 2018 at 1:44 pm

https://www.newcannabisventures.com/canopy-growth-insiders-sell-135-million-of-stock/

Exclusive article by Alan Brochstein, CFA
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.