SMITHS FALLS, ON, Dec. 6, 2018 /PRNewswire/ - Canopy Growth
Corporation (TSX: WEED) (NYSE: CGC) (the "Company") announced
today the final results of its tender offer (the "Convertible Notes
Tender Offer") pursuant to which each holder (each, a "Holder") of
the Company's 4.25% Convertible Senior Notes Due 2023 (the "Notes")
issued pursuant to the Indenture, dated as of June 20, 2018, among the Company, GLAS Trust
Company LLC, as U.S. trustee, and Computershare Trust Company of
Canada, as Canadian trustee (the
"Indenture"), had the right (the "Fundamental Change Repurchase
Right") to require the Company to repurchase all of such Holder's
Notes, or any portion thereof that is a multiple of C$1,000 principal amount, on December 5, 2018. The Fundamental Change
Repurchase Right expired at 5:00
p.m., New York City time,
on December 4, 2018 and was not
extended.
In addition, the period (the "Make-Whole Fundamental Change
Period") during which each Holder had the right to convert such
Holder's Notes pursuant to the occurrence of a make-whole
fundamental change, as provided in the Indenture, expired at
5:00 p.m., New York City time, on December 4, 2018, and the period (the "Conversion
Period") during which each Holder had right to convert such
Holder's Notes expired at 5:00 p.m.,
New York City time, on
December 5, 2018.
The Company has been advised by GLAS Trust Company LLC, the
paying agent and conversion agent for the Notes, that no Notes were
validly surrendered for purchase pursuant to the Fundamental Change
Repurchase Right. Further, no Notes were validly surrendered for
conversion during the Make-Whole Fundamental Change Period or the
Conversion Period.
Accordingly, as of December 5,
2018, C$600,000,000 aggregate
principal amount of the Notes remain outstanding.
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. The Company has
operations in 12 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 on the Toronto Stock Exchange and New York Stock
Exchange to our continued international expansion, pride in
advancing shareholder value through leadership is engrained in all
we do at Canopy Growth. 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 licensed cannabis production sites with over
4.3 million square feet of production capacity, including over
500,000 square feet of GMP certified production space. 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 Convertible Notes Tender Offer. 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 Company's
ability to satisfy provincial sales contracts or provinces
purchasing all cannabis allocated to them, and such risks contained
in the Company's annual information form dated June 27, 2018 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.
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SOURCE Canopy Growth Corporation