On April 18, 2024, Canopy Growth Corporation underwent a significant change in its share structure, as detailed in an amendment to the Schedule 13D filed with the SEC. The amendment, filed by a collective of reporting persons including Greenstar Canada Investment Limited Partnership, Constellation Brands, Inc., and several affiliated entities, reported the exchange of Common Shares for newly created non-voting Exchangeable Shares. This exchange was authorized by Canopy's shareholders during a special meeting held on April 12, 2024. The Exchangeable Shares are convertible into Common Shares on a one-for-one basis at the holder's discretion. However, the reporting entities have no immediate intention to convert these shares until the sale of marijuana in the U.S. is no longer in violation...Show More

On April 18, 2024, Canopy Growth Corporation underwent a significant change in its share structure, as detailed in an amendment to the Schedule 13D filed with the SEC. The amendment, filed by a collective of reporting persons including Greenstar Canada Investment Limited Partnership, Constellation Brands, Inc., and several affiliated entities, reported the exchange of Common Shares for newly created non-voting Exchangeable Shares. This exchange was authorized by Canopy's shareholders during a special meeting held on April 12, 2024. The Exchangeable Shares are convertible into Common Shares on a one-for-one basis at the holder's discretion. However, the reporting entities have no immediate intention to convert these shares until the sale of marijuana in the U.S. is no longer in violation of federal law. As a result of the exchange, all board nominees from Constellation resigned from Canopy's board effective April 18, 2024. The reporting persons now collectively hold a significant portion of Exchangeable Shares, with Constellation Brands indirectly owning approximately 26.2% of the issued and outstanding Common Shares of Canopy as of the date of the event.