On January 8, 2026, Canopy Growth Corporation completed a series of transactions to recapitalize its balance sheet and extend the maturity dates of all outstanding indebtedness to January 2031 at the earliest.
In accordance with the terms of a term loan agreement, Canopy Growth received net proceeds of US$150 million from a group of lenders led by JGB Management Inc., with the term loan maturing in January 2031. In connection with the loan agreement, Canopy Growth issued 18,705,577 common share purchase warrants of the Company to the lenders.
Concurrently with the execution of the loan agreement, Canopy Growth also entered into an exchange agreement with a single institutional investor pursuant to which Canopy Growth exchanged approximately $96.4 million of existing convertible debentures due May 2029 for approximately $80 million comprised of: (a) $55 million of new convertible debentures due July 2031; (b) $10.5 million in cash; (c) 9,493,670 common shares of the Company; and (d) 12,731,481 common share purchase warrants of the Company.
Cassels acted for Canopy Growth on the transactions.