Canopy growth announces additional exchanges with holders of notes

Smiths falls, on , june 30, 2022 /prnewswire/ - canopy growth corporation ("canopy growth" or the "company") (tsx: weed) (nasdaq: cgc) announced today that, further to its press release dated june 29, 2022, it has entered into an additional privately negotiated exchange agreement (the "exchange agreement") with a holder (the "noteholder") of the company's outstanding 4.25% unsecured senior notes due 2023 (the "notes"), to acquire approximately c$7.25 million (approximately usd$5.6 million) aggregate principal amount of the notes from the noteholders in exchange for common shares of the company (the "canopy shares") and approximately c$140,000 (approximately usd$110,000) in cash for accrued and unpaid interest (the "cash payment"). transaction details in accordance with the terms of the exchange agreement, canopy growth has agreed to acquire the notes from the noteholder for an aggregate purchase price (excluding accrued and unpaid interest which will be paid in cash as part of the cash payment) of c$7.17 million (approximately usd$5.5 million) (the "purchase price"), which will be payable in such number of canopy shares (the "share consideration") as is equal to the purchase price divided by the volume-weighted average trading price (the "vwap") of the canopy shares on the nasdaq global select market (the "nasdaq") for the 10 consecutive trading days beginning on, and including, june 30, 2022 (the "averaging price" and such period of time being the "averaging period"), subject to a floor price of us$2.50 (the "floor price") and a maximum price equal to us$3.50, which is the closing price of the canopy shares on the nasdaq on june 29, 2022 (the "market price").
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