Canopy growth announces exchanges with holders of approximately us$198 million of convertible notes

Smiths falls, on , june 29, 2022 /prnewswire/ - canopy growth corporation ("canopy growth" or the "company") (tsx: weed) (nasdaq: cgc) announced today that it has entered into privately negotiated exchange agreements (collectively, the "exchange agreements") with a limited number of holders (the "noteholders"), including constellation brands, inc. ("cbi") through its wholly-owned subsidiary greenstar canada investment limited partnership ("gcilp"), of the company's outstanding 4.25% unsecured convertible senior notes due 2023 (the "notes"), to acquire approximately c$255.4 million (approximately usd$198 million) aggregate principal amount of the notes from the noteholders (the "transaction") in exchange for common shares of the company (the "canopy shares") and approximately c$3 million (usd$2.35 million) in cash for accrued and unpaid interest (the "cash payment"). gcilp, a subsidiary of cbi (together "constellation"), is participating in the transaction and will acquire a minimum of 21,929,914 canopy shares and up to 30,701,880 canopy shares pursuant to its exchange agreement.
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