/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT INTENDED FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
SMITHS FALLS, ON, June 20, 2018 /CNW/ - Canopy Growth
Corporation (TSX: WEED) (NYSE:CGC) ("Canopy Growth" or the
"Company") announced today the closing of its previously announced
offering of C$500 million aggregate
principal amount of its 4.25% convertible senior notes due 2023
(the "notes").
The initial conversion rate for the notes is 20.7577 common
shares ("common shares") per C$1,000
principal amount of the notes, equivalent to an initial conversion
price of approximately C$48.18 per
share. The Company intends to use the net proceeds from the sale of
the notes for supporting expansion initiatives and general
corporate purposes, including working capital requirements.
Cowen and Company, LLC and BMO Nesbitt Burns Inc. acted as joint
bookrunning managers and Eight Capital and Bryan, Garnier & Co.
acted as co-managers for this offering. Greenstar Canada Investment
Limited Partnership, an affiliate of Constellation Brands, Inc.,
purchased C$200 million in notes in
the offering and the remainder of the offering was widely allocated
to institutions, primarily in the United
States, Europe, as well as
Canada.
The notes, and the common shares into which the notes are
convertible, have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the "Securities Act"), or
qualified by a prospectus in Canada. The notes and the common shares may
not be offered or sold in the United
States absent registration under the Securities Act or an
applicable exemption from registration under the Securities Act.
The notes were offered only to "qualified institutional buyers" (as
defined in Rule 144A under the Securities Act) and outside
the United States to non-U.S.
persons in compliance with Regulation S under the Securities Act.
Offers and sales in Canada were
made only pursuant to exemptions from the prospectus requirements
of applicable Canadian provincial and territorial securities
laws.
This news release is neither an offer to sell nor a solicitation
of an offer to buy any of these securities (including any common
shares of Canopy Growth into which the notes are convertible) and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is
unlawful.
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is a
world-leading diversified cannabis and hemp company, offering
distinct brands and curated cannabis varieties in dried, oil and
Softgel capsule forms. From product and process innovation to
market execution, Canopy Growth is driven by a passion for
leadership and a commitment to building a world-class cannabis
company one product, site and country at a time.
Canopy Growth has established partnerships with leading sector
names including cannabis icon Snoop Dogg, breeding legends DNA
Genetics and Green House seeds, and Fortune 500 alcohol leader
Constellation Brands, to name but a few. Canopy Growth operates ten
cannabis production sites with over 2.4 million square feet of
production capacity, including over 500,000 square feet of
GMP-certified production space. The Company has operations in eight
countries across five continents. The Company is proudly dedicated
to educating healthcare practitioners, conducting robust clinical
research, and furthering the public's understanding of cannabis,
and through its partly owned subsidiary, Canopy Health Innovations,
has devoted millions of dollars toward cutting edge,
commercializable research and IP development. Through partly owned
subsidiary Canopy Rivers Corporation, the Company is providing
resources and investment to new market entrants and building a
portfolio of stable investments in the sector. From our historic
public listing to our continued international expansion, pride in
advancing shareholder value through leadership is engrained in all
we do at Canopy Growth. For more information
visit www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This news
release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and "forward-looking information" within the meaning of applicable
Canadian securities legislation. Often, but not always,
forward-looking statements and information 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 or information involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Canopy Growth or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements or information contained in this news
release.
Examples of such statements include statements with respect to
the planned used of proceeds from the notes offering. Risks,
uncertainties and other factors involved with forward-looking
information could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information, including
the anticipated use of the proceeds of the offering, which could
change as a result of market conditions or for other reasons, the
impact of general economic, industry or political conditions in
Canada, the United States or internationally as well
as such risks contained in the Company's annual information form
dated June 28, 2017 and filed with
Canadian securities regulators available on the Company's issuer
profile on SEDAR at www.sedar.com. Although the Company believes
that the assumptions and factors used in preparing the
forward-looking information or forward-looking statements in this
news release are reasonable, undue reliance should not be placed on
such information and no assurance can be given that such events
will occur in the disclosed time frames or at all. The
forward-looking information and forward-looking statements included
in this news release are made as of the date of this news release
and the Company does not undertake an obligation to publicly update
such forward-looking information or forward-looking information to
reflect new information, subsequent events or otherwise unless
required by applicable securities laws.
SOURCE Canopy Growth Corporation