On April 18, 2024, subsidiaries of Constellation Brands, Inc. exchanged all 17,149,925 common shares of Canopy Growth Corporation that they collectively held for non-voting and non-participating exchangeable shares. Canopy also entered into an exchange agreement with a subsidiary of Constellation pursuant to which Constellation exchanged its $100 million promissory note for 9,111,549 exchangeable shares.
The exchange of the promissory note into exchangeable shares further improved Canopy’s balance sheet through the elimination of short term debt, reducing its overall debt balance by $100 million.
Cassels acted for Canopy.