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Feb. 7, 2018, SMITHS FALLS, ON /CNW/ - Canopy Growth
Corporation (TSX: WEED) ("Canopy Growth") announced that it has
closed its previously announced short form prospectus offering on a
bought deal basis. A total of 5,800,000 common shares in the
capital of Canopy Growth (the "Shares") were sold at a price of
$34.60 per Share, for aggregate gross
proceeds of $200,680,000 (the
"Offering"). The Offering was underwritten by a syndicate of
underwriters co-led by GMP Securities L.P. and BMO Capital Markets
and including Canaccord Genuity Corp., Eight Capital, Beacon
Securities Limited, and PI Financial Corp.
Canopy Growth intends to use the proceeds from the Offering for
capital expenditures for domestic and international capacity
expansion over the next 18 months as well as for general corporate
requirements. In addition, Canopy Growth intends to use proceeds
from the Offering for general working capital purposes, such as
brand augmentation, channel development, technology investments,
research, and developing new product offerings. Canopy Growth may
reallocate these funds as market and regulatory indicators warrant
in light of the legalization and implementation of a national
recreational cannabis market.
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 icons Snoop Dogg and Organa Brands,
breeding legends DNA Genetics and Green House seeds, and Fortune
500 alcohol leader Constellation Brands. Canopy Growth operates
seven cannabis production sites with over 665,000 square feet of
production capacity, including over 500,000 square feet of
GMP-certified production space. The Company has operations in seven
countries across four 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.
Here's to Future Growth.
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 to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Examples of
such statements include statements about the proposed use of
proceeds of the Offering. Canopy Growth may reallocate these funds
as market and regulatory indicators warrant in light of the
legalization and implementation of a national recreational cannabis
market. Readers are referred to the final short form
prospectus dated January 31, 2018
available at www.SEDAR.com for more information about the proposed
use of proceeds and risk factors relating to Canopy Growth.
The forward-looking statements included in this news release are
made as of the date of this news release and Canopy Growth 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 Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in policies of the Toronto Stock
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Canopy Growth Corporation