/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
SMITHS FALLS, ON, March 22, 2017 /CNW/ - Canopy Growth
Corporation (TSX: WEED) ("Canopy Growth" or the "Company") is
pleased to announce that it has completed a private placement with
one investor (the "Offering") of common shares (the
"Shares"). Pursuant to the Offering, the Company issued
2,500,000 Shares at a net price of $9.70 per Share, for aggregate net proceeds of
$24,250,000.
"With the recent addition of Canopy Growth to the S&P/TSX
Composite Index, imminent Canadian adult access markets and the
awakening of legal cannabis markets in Germany, Australia, Brazil, Israel and elsewhere around the globe, we are
entering a very opportunistic period for our business," said
Bruce Linton, Chairman & CEO.
"This equity financing gives us more resources so we can accelerate
into this expected window of opportunity."
The Company intends to use the proceeds of the Offering for
capacity growth initiatives as well as general corporate and
working capital purposes. No finder's fees were paid by the
Company as part of the Offering.
Goldman Holdings Ltd., a company controlled by Canopy Growth
board member Murray Goldman, also
agreed to enter into a Securities Lending Agreement with the
investor to provide free-trading shares in exchange for shares
acquired in this Offering which are restricted from trading for a
period of four months from the issue date.
The securities mentioned herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "Securities Act"), or applicable state securities
laws, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws. The securities
mentioned herein have not been and will not be qualified for sale
to the public under applicable Canadian securities laws and,
accordingly, any offer and sale of the securities in Canada will be made on a basis which is exempt
from the prospectus requirements of such securities laws. The
securities mentioned herein will be offered and sold only to
non-U.S. persons in reliance on the "accredited investor"
prospectus exemption in Canada.
This press release does not constitute an offer to sell or
purchase, or a solicitation of an offer to sell or purchase, any
securities. No offer, solicitation, purchase or sale of securities
will be made in any jurisdiction, in which such an offer,
solicitation, purchase or sale would be unlawful. The private
placement remains subject to final acceptance by The Toronto Stock
Exchange.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company,
offering diverse brands and curated cannabis strain varieties in
dried and oil extract forms. Through its wholly-owned subsidiaries,
Canopy Growth operates numerous state-of-the-art production
facilities with over half a million square feet of indoor and
greenhouse production capacity. Canopy Growth has established
partnerships with leading sector names in Canada and abroad. For more information visit
www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Canopy Growth Corporation, Tweed
Inc., Tweed Farms Inc., Mettrum Health Corp., or Bedrocan Canada
Inc. to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Examples of such statements include
future operational and production capacity, the impact of enhanced
infrastructure and production capabilities, and forecasted
available product selection. The forward-looking statements
included in this news release are made as of the date of this news
release and Canopy Growth Corp. does not undertake an obligation to
publicly update such forward-looking statements to reflect new
information, subsequent events or otherwise unless required by
applicable securities legislation.
Neither the TSX Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation