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Canopy Growth Establishes US$250 Million At-The-Market Program To Further Enhance the Company’s Financial Position And Facilitate Growth

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (Nasdaq: CGC), 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 program (the “ATM Program”) that allows Canopy Growth to issue and sell up to US$250 million (or its Canadian dollar equivalent) of common shares of the Company (“Common Shares”) from treasury from time to time in concurrent public offerings in the United Statesand Canada.

Any Common Shares sold in the ATM Program will be sold in transactions made directly on the Nasdaq or the TSX or on any other available U.S. or Canadian trading market for the Common Shares. The volume and timing of sales under the ATM Program, 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 Program. 

Canopy Growth intends to use the net proceeds from the ATM Program, 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 Program will be made pursuant to the terms of an equity distribution agreement dated June 6, 2024 (the “Distribution Agreement”) entered into among the Company, BMO Nesbitt Burns Inc., as Canadian agent, and BMO Capital Markets Corp., as U.S. agent (collectively, the “Agents”). The ATM Program will be effective until the earliest of (i) the issuance and sale of all of the Common Shares issuable pursuant to the ATM Program, (ii) 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 (iii) July 5, 2026, unless terminated prior to such date by the Company or the Agents in accordance with the terms of the Distribution Agreement.

The offering of Common Shares under the ATM Program is qualified by a prospectus supplement dated June 6, 2024(the “Canadian Prospectus Supplement”) to the Company’s Canadian short form base shelf prospectus dated June 5, 2024 (the “Canadian Shelf Prospectus”), each filed with the securities commissions in each of the provinces and territories of Canada, and pursuant to a prospectus supplement dated June 6, 2024 (the “U.S. Prospectus Supplement”) to the Company’s U.S. base prospectus dated June 5, 2024 (the “U.S. Base Prospectus”) included in its registration statement on Form S-3ASR (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”).

The Distribution Agreement, Canadian Prospectus Supplement and Canadian Shelf Prospectus are available on the SEDAR+ website at www.sedarplus.com, and the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR on the SEC’s website at www.sec.govAlternatively, these documents may be requested from the Agents by contacting, (i) in Canada: BMO Nesbitt Burns Inc. by mail at Brampton Distribution Centre, 9195 Torbram Road, Brampton, Ontario, L6S 6H2, attn: The Data Group of Companies, by email at torbramwarehouse@datagroup.ca or by telephone at 905-791-3151 ext. 4312; and (ii) in the United States: BMO Capital Markets Corp. by mail at 151 W 42nd Street, 32nd Floor, New York, NY 10036, attn: Equity Syndicate Department, by email at bmoprospectus@bmo.com, or by telephone at 800-414-3627. 

No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Common Shares, nor shall there be any sale of the Common Shares in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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