- Canopy Growth Corporation (TSX:WEED) will equitize C$12.5 million in debt due in July 2023
- The company will exchange 4.25 per cent unsecured senior notes for 24.3 million shares plus accrued and unpaid interest
- Management views the move as expanding financial flexibility as continued losses weigh on Canopy stock
- Canopy Growth is a North American cannabis and consumer packaged goods company. Its brands include Doja, 7ACRES, Tweed, Deep Space, BioSteel and Martha Stewart CBD
- Canopy Growth last traded at $0.58 per share
Canopy Growth Corporation (TSX:WEED) will equitize C$12.5 million in debt due in July 2023.
The privately negotiated agreement will see the company cancel 4.25 per cent unsecured senior notes in exchange for 24.3 million shares plus accrued and unpaid interest.
“We are pleased to have reached an agreement to equitize these notes and remain focused on further strengthening Canopy’s financial position. This announcement builds on other already completed actions to preserve cash and provide additional financial flexibility,” Judy Hong, Canopy Growth chief financial officer, said in a statement.
HudsonWest served as Canopy’s financial advisor on the transaction.
The news follows a recent drop in the company’s stock after releasing Q4 and fiscal year 2023 financial results and a sale of its Modesto, California, facility.
Canopy Growth is a North American cannabis and consumer packaged goods company. Its brands include Doja, 7ACRES, Tweed, Deep Space, BioSteel and Martha Stewart CBD.
Canopy Growth Corp. (TSX:WEED) last traded at $0.58 per share.
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