On April 14, 2023, Canopy Growth Corporation entered into an exchange agreement with Greenstar Canada Investment Limited Partnership (“GCILP) in order to refinance $100 million aggregate principal amount of Canopy Growth’s outstanding unsecured notes due 2023.
Pursuant to the agreement, Canopy Growth agreed to acquire and cancel $100 million aggregate principal amount of the existing notes held by GCILP in exchange for: (i) a cash payment to GCILP in the amount of unpaid and accrued interest owing under the existing notes held by GCILP; and (ii) a promissory note issuable to GCILP for the aggregate principal amount of $100 million payable on December 31, 2024.
Cassels acted for Canopy Growth.