Canopy Growth Establishes $250m At-The-Market Programme To Further Enhance the company’s Financial Position And Facilitate Growth
June 6, 2024 – Other, Pharmaceutical – ATM Programme, Canopy Growth, cannabis, psychoactive trials
6 June 2024 — Ontario, Canada — Canopy Growth Corporation, a world-leading cannabis company dedicated to unleashing the power of cannabis to improve lives, announced today that the company has established an at-the-market equity programme that allows Canopy Growth to issue and sell up to $250m (or its Canadian dollar equivalent) of common shares of the company from treasury from time to time in concurrent public offerings in the US and Canada. Any Common Shares sold in the ATM Programme will be sold in transactions made directly on the Nasdaq or the TSX or on any other available US or Canadian trading market for the Common Shares. The volume and timing of sales under the ATM Programme, if any, will be determined in the company’s sole discretion and are subject to customary conditions precedent. The Common Shares will be distributed at market prices prevailing at the time of each sale or at certain other prices and, as a result, prices may vary as between purchasers and during the period of distribution under the ATM Programme.
Canopy Growth intends to use the net proceeds from the ATM Programme, if any, for investments in businesses and/or to fund any potential future acquisitions and for working capital and general corporate purposes, which may include the repayment of indebtedness, which has been significantly reduced over the prior 18 months.
Sales of Common Shares under the ATM Programme will be made pursuant to the terms of an equity distribution agreement dated 6 June 2024 entered into among the company, BMO Nesbitt Burns Inc, as Canadian agent and BMO Capital Markets Corp, as US agent. The ATM Programme will be effective until the earliest of the issuance and sale of all of the Common Shares issuable pursuant to the ATM Programme, the date on which the company receives notice from a securities regulatory authority that the Canadian Shelf Prospectus and/or Registration Statement (each as defined below) has ceased to be effective and 5 July 2026, unless terminated prior to such date by the company or the Agents in accordance with the terms of the Distribution Agreement.
About Canopy Growth
Canopy Growth is a world leading cannabis company dedicated to unleashing the power of cannabis to improve lives. Through an unwavering commitment to our consumers, Canopy Growth delivers innovative products with a focus on premium and mainstream cannabis brands including Doja, 7ACRES, Tweed and Deep Space, in addition to category defining vaporiser technology made in Germany by Storz & Bickel. Canopy Growth has also established a comprehensive ecosystem to realise the opportunities presented by the US THC market through an unconsolidated, non-controlling interest in Canopy USA, which owns and operates Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, in addition to holding rights for Wana Brands, a leading US edibles brand, as well as Acreage Holdings, Inc, a vertically integrated multi-state cannabis operator with principal operations in densely populated states across the Northeast and Midwest of the US. Beyond its world-class products, Canopy Growth is leading the industry forward through a commitment to social equity, responsible use and community reinvestment – pioneering a future where cannabis is understood and welcomed for its potential to help achieve greater well-being and life enhancement. For more information visit www.canopygrowth.com.
