Canopy Growth Secures $50M in New Financing

Dow Jones05-03

By Adriano Marchese

Canopy Growth has agreed to receive $50 million in new financing and said it will exchange a part of its existing debt for new convertible debentures as it looks for flexibility in its balance sheet.

The Smiths Falls, Ontario-based cannabis company said Friday that it has entered into an exchange and subscription agreement with the single institutional investor to receive the new funds and exchange about 27.5 million Canadian dollars ($20.1 million) worth of existing debt maturing in September 2025 for a new senior unsecured convertible debenture.

The investor will acquire a convertible debenture worth C$96.4 million and Canopy will issue about 3.4 million common-share purchase warrants that will entitle the holder to acquire one common share at an exercise price of C$16.18 each.

Shares have more than doubled so far in 2024, closing on Thursday at C$14.19 in Toronto. The stock is still down about 13% over the last 52 weeks.

The convertible debenture will be convertible into common shares at a price equal to C$14.38 apiece.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 03, 2024 07:54 ET (11:54 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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