Shopify Falls After Pricing Share Offering

Shopify Inc. SHOP shares are trading lower after the company priced its previously announced public offering of 1.9 million class A subordinate voting shares at $317.50 per share.

Shopify is also launching a series of new features aimed at helping merchants selling hemp and hemp-derived CBD products in the U.S. to better reach customers online and in brick-and-mortar retail locations.

See Also: Shopify Launches CBD Business In The US: 'Shopify Didn't Get Into CBD; CBD Got Into Retail'

"Shopify is excited to be one of the first commerce platforms powering retailers of all sizes that want to sell hemp-derived Cannabidiol (CBD) products in the United States," Loren Padelford, general manager of Shopify Plus, told Benzinga. "Merchants operating in states that permit the sale of hemp-derived CBD products will have access to trustworthy commerce tools to start or scale their businesses, whether they are selling these products online or in brick and mortar locations."

Shopify shares were trading down 5% at $321 in Tuesday’s pre-market session. The stock has a 52-week range between $409.61 and $117.64.

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