Canopy Growth (CGC) has provided an update.
Canopy Growth Corporation shareholders approved a significant change to the company’s structure, creating a new class of exchangeable shares and adjusting common shares to include a conversion feature. This move streamlined Canopy Growth’s balance sheet by reducing its debt by C$100 million as Greenstar, part of the Constellation Brands family, converted a promissory note into exchangeable shares and forgave the remaining debt. Additionally, all common shares held by Constellation Brands entities were swapped for exchangeable shares, marking a shift in the company’s governance and eliminating Constellation’s direct board influence as several board members resigned following these transactions.
For detailed information about CGC stock, go to TipRanks’ Stock Analysis page.
