Canadian-listed shares of cannabis company Canopy Growth Corp. will be removed from the S&P/TSX Composite Index, a market benchmark equivalent to the S&P 500 in the United States.
The move announced Friday by S&P Dow Jones Indices is the latest indicator of Canopy’s troubles.
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The S&P/TSX Composite Index requires a minimum float-adjusted market capitalization for securities to be included, but Canopy’s market capitalization has declined precipitously as its share price has declined.
Canopy’s TSX-listed shares traded for nearly 55 Canadian dollars ($41) in February 2021, giving it a market capitalization exceeding CA$25 billion, according to The Globe and Mail newspaper.
Last Friday, however, the Smiths Falls, Ontario-based company’s Canadian shares closed at CA$1.14.
Canopy is now valued at less than CA$600 million.
The company’s removal from the S&P/TSX Composite Index takes effect before the Toronto Stock Exchange opens June 19.
In May, Canopy announced plans
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