Smiths Falls, Ontario-based cannabis producer Canopy Growth Corp. is being deleted from the S&P/TSX 60 Index.
S&P Dow Jones Indices, a division of S&P Global, said in its announcement that it was making the change as part of a quarterly review.
The index includes some of the biggest companies in Canada, including the likes of Royal Bank, e-commerce company Shopify and Canadian National Railways.
Any company on the index needs to maintain a minimum capitalization weight of at least 0.04% of the index.
Canopy stock has fallen almost 90% since it was added to the index in April 2019.
Taking Canopy’s place on the S&P/TSX 60 Index will be Intact Financial Corp., a Canadian property and insurance company.
The changes take effect before the open of trading on Monday, March 21, according to an S&P Dow Jones Indices news release.
When Canopy was added to the index, it called the move a “major accomplishment” for the cannabis producer.
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“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,” then-CEO Bruce Linton said at the time.
Canopy did not immediately reply to a query from MJBizDaily.
Canopy shares trade as WEED on the Toronto Stock Exchange and CGC on the Nasdaq exchange.