On April 18, 2024, Canopy Growth Corporation entered into a significant transaction with Greenstar Canada Investment Limited Partnership, a subsidiary of Constellation Brands, Inc. (CBI), converting approximately C$81.2 million of a promissory note into 9,111,549 non-voting, non-participating exchangeable shares. This move, along with the conversion of all common shares held by the CBG Group (Greenstar and CBG Holdings LLC) into exchangeable shares, has effectively reduced Canopy Growth's debt by C$100 million. The exchangeable shares are convertible into common shares at the holder's discretion and are not publicly traded. Following these transactions, the CBG Group no longer holds any common shares but now possesses 26,261,474 exchangeable shares. Concurrently, the Investor Rights Agreement and other commercial arrangements between Canopy Growth and CBI...Show More

On April 18, 2024, Canopy Growth Corporation entered into a significant transaction with Greenstar Canada Investment Limited Partnership, a subsidiary of Constellation Brands, Inc. (CBI), converting approximately C$81.2 million of a promissory note into 9,111,549 non-voting, non-participating exchangeable shares. This move, along with the conversion of all common shares held by the CBG Group (Greenstar and CBG Holdings LLC) into exchangeable shares, has effectively reduced Canopy Growth's debt by C$100 million. The exchangeable shares are convertible into common shares at the holder's discretion and are not publicly traded. Following these transactions, the CBG Group no longer holds any common shares but now possesses 26,261,474 exchangeable shares. Concurrently, the Investor Rights Agreement and other commercial arrangements between Canopy Growth and CBI were terminated, resulting in CBI relinquishing governance rights, including the right to nominate board members. This led to the immediate resignation of three CBI-nominated directors from Canopy Growth's board. The company's press release also highlighted the positive impact of these changes on Canopy Growth's balance sheet and governance structure.