Canopy Growth Introduces $200 Million At-Market Financing Program to Bolster the Company's Financial Sustainability
Canopy Growth Corporation, a leading global cannabis company, has established a new at-the-market equity program (ATM Program) to issue and sell up to US$200 million of common shares. The net proceeds from this program will be used for investments in businesses, potential future acquisitions, working capital, and general corporate purposes, including the potential repayment of indebtedness.
The ATM Program will be effective until the earliest of June 5, 2027, the issuance and sale of Common Shares having an aggregate offering price of US$200,000,000, or other specified conditions. The volume and timing of sales under the ATM Program will be determined by Canopy Growth and are subject to customary conditions precedent.
The banks involved in the Equity Distribution Agreement of Canopy Growth Corporation are BMO Capital Markets Corp. (US agent) and BMO Nesbitt Burns Inc. (Canadian agent). Any common shares sold in the ATM Program will be sold on the Nasdaq, TSX, or any other available U.S. or Canadian trading market for the Common Shares.
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. Examples of such statements include statements regarding the offer and sale of Common Shares under the ATM Program, including the timing and amounts thereof, and the use of any proceeds from the ATM Program.
Risks, uncertainties and other factors involved with forward-looking information or statements could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including negative operating cash flow; uncertainty of additional financing; use of proceeds; volatility in the price of the Common Shares; regulatory and licensing risks; changes in general economic, business and political conditions; legal and regulatory risks inherent in the cannabis industry, including the global regulatory landscape and enforcement related to cannabis; additional dilution; political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion and perception of the cannabis industry; and such other risks contained in the public filings of the Company.
Canopy Growth Corporation is committed to shaping a future where cannabis is embraced for its potential to enhance well-being and improve lives. The company operates in Canada, Europe, Australia, and has a comprehensive ecosystem to realize opportunities in the U.S. THC market. Canopy Growth focuses on high-quality products, responsible use, and community enhancement.
For more information, visit www.canopygrowth.com. The offering of Common Shares under the ATM Program is qualified by a prospectus supplement and is available on SEDAR+ and EDGAR websites. No securities regulatory authority has approved or disapproved of the contents of this news release. The ATM Program allows for concurrent public offerings in the United States (U.S. Offering) and Canada, with a limit of US$50 million (or its Canadian dollar equivalent) for sales in Canada (Canadian Offering).
The Company does not undertake any obligation to publicly update such forward-looking information or statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
