representative work

Canopy Announces US$150 Million Registered Direct Offering


On February 21, 2023, Canopy Growth Corp. entered into an agreement with an institutional investor for the purchase and sale of up to US$150 million of senior unsecured convertible debentures. The investor purchased an initial US$100 million of the debentures on closing and an additional US$50 million will be purchased in the event that certain conditions in the indenture dated February 21, 2023 between Canopy and Computershare Trust Company of Canada are satisfied or waived. No cash will be payable by Canopy in any circumstances in respect of principal, interest or any other amounts owing pursuant to the terms of the debentures.

The debentures were purchased pursuant to a registration statement on Form S- 3ASR with the United States Securities and Exchange Commission. The debentures bear interest at a rate of 5.0% per annum, payable in common shares at the earlier of (i) the time of conversion of the debentures; or (ii) February 28, 2028, the maturity date. The debentures are convertible into common shares at a conversion price equal to 92.5% of the three-day volume-weighted average price of the common shares ending on the trading day prior to conversion. ​​​​​​​

Cassels represented Canopy.

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