Canopy Growth Shareholders Approve $5B CAD ($4B USD) Investment by Constellation Brands
SMITHS FALLS, ON, Sept. 26, 2018 /PRNewswire/ – Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX :WEED ) (NYSE :CGC ) is pleased to announce that at the Company’s annual general and special meeting of shareholders held on September 26, 2018 (the “Meeting”), shareholders approved the previously-announced $5B CAD ($4B USD) private placement of 104,500,000 common shares and 139,745,453 common share purchase warrants of the Company to CBG Holdings LLC (“CBG”), an affiliate of Constellation Brands, Inc. (the “Transaction”).
Of the approximately 40.87% of common shares represented at the Meeting, in person or by proxy, approximately 95.41% were voted in favour of the resolution approving the Transaction in accordance with the minority approval requirements under Multilateral Instrument 61-101 and the requirements of the Toronto Stock Exchange based on proxies received by the management appointees. Details of the voting results will be filed under the Company’s profile at www.sedar.com. Subject to the satisfaction or waiver of all of the conditions to the Transaction, including the receipt of regulatory approval under the Investment Canada Act, the Transaction is expected to be completed on or before October 31, 2018.
We’ve established a leadership position in this industry by pushing the boundaries and executing in unchartered markets. With shareholders aligned on our vision of the future we’ll get to work deploying capital and creating even more value for the hundreds of thousands of people who trust us with their hard-earned money. I would like to thank our shareholders for their support and for approving a landmark investment in our business.
Bruce Linton, Chairman & Co-CEO
Each of the director nominees listed in the Company’s August 22, 2018 management information circular were elected as directors at the Meeting. The detailed results of the vote for the election of directors held at the Meeting are set out below based on proxies received by the management appointees:
Upon the closing of the Transaction, expected on or about October 31st and subject to remaining regulatory approvals, the composition of the board of directors will be reconstituted. Specifically, Murray Goldman and Chris Schnarr will be removed as directors effective as of the closing of the Transaction, and William Newlands, David Klein and Judy Schmeling will be elected as directors of the Company as nominees of CBG.
At the Meeting, shareholders also approved the appointment of Deloitte LLP, Chartered Accountants, as the Company’s auditor and authorized the board of directors to set its remuneration.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company, offering distinct brands and curated cannabis varieties across the globe. Canopy Growth operates over a dozen licensed cannabis production sites globally with over 3.2 million square feet of production capacity, including over 500,000 square feet of GMP certified production space. 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. With operations spanning 11 countries across five continents, the Company is proudly dedicated to educating healthcare practitioners, advancing the public discourse surrounding cannabis, and conducting robust clinical research in cannabinoid-based animal and human medicines. The Company has also 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. Built on a proud history of firsts, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth.
