Canopy Growth (CGC) has provided an update.
Canopy Growth Corporation shareholders approved a significant change to the company’s structure, creating a new class of exchangeable shares and adjusting common shares to include a conversion feature. This move streamlined Canopy Growth’s balance sheet by reducing its debt by C$100 million as Greenstar, part of the Constellation Brands family, converted a promissory note into exchangeable shares and forgave the remaining debt. Additionally, all common shares held by Constellation Brands entities were swapped for exchangeable shares, marking a shift in the company’s governance and eliminating Constellation’s direct board influence as several board members resigned following these transactions.
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