Shares of Canopy Growth (CGC - Get Report)  were rising in premarket trading after the cannabis company announced it sold its 42,087,639 shares of Australian cannabis company AusCann Group. 

Canopy sold the shares through an off-market block trade at 15 cents a share, yielding proceeds of $6.3 million. Those shares represent Canopy's entire 13.2% stake in the company.

"Canopy Growth remains optimistic about the future of the Australian medical cannabis market and will continue to collaborate with the team at AusCann to support greater physician understanding and patient access to high quality cannabis products throughout Australia ," said Mark Zekulin, CEO of Canopy Growth.

Marcel Bonn-Miller, Canopy's global senior director of clinical science, will remain on AusCann's board of directors to facilitate future collaboration. 

Canopy shares were rising 2.41% to $19.30 in premarket trading Tuesday.