Canopy Growth Announces Completion of Conversions Pursuant to US$100 Million Convertible Debentures
SMITHS FALLS, Ontario – Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) announced today that all conversions pursuant to the US$100,000,000 senior unsecured convertible debentures (the “Convertible Debentures”), sold to an institutional investor in February 2023, have been completed. Since the beginning of fiscal 2023, Canopy Growth has completed numerous balance sheet actions to strengthen its financial position, while implementing a business transformation plan with the goal of improving profitability. In addition to today’s announcement that preserves liquidity, the balance sheet actions completed by the Company to date include: Equitization of $263 million of the 4.25% Unsecured Notes due in July 2023; Paydown of USD$188 million (or 25% of the principal) of the senior secured term loan at $0.93 per dollar of debt; Refinanced $100 million of the 4.25% Unsecured Notes due in July 2023 held by Greenstar Canada Investment Limited Partners...