Canopy Growth Corporation (Canopy) has announced a Special Meeting of shareholders to consider an amendment to the company's Articles of Incorporation. The amendment, if approved, will create an unlimited number of non-voting, non-participating exchangeable shares (Exchangeable Shares) and restate the rights of the common shares to include a conversion feature allowing each share to be converted into one Exchangeable Share. The meeting is scheduled to be held virtually on an unspecified date in 2024. This move follows Canopy's internal reorganization, which saw the transfer of its Structured U.S. Investments to Canopy USA, LLC, a new Delaware-formed holding company. The Exchangeable Shares will not carry voting rights, dividends, or rights upon dissolution. The amendment proposal is...Show More

Canopy Growth Corporation (Canopy) has announced a Special Meeting of shareholders to consider an amendment to the company's Articles of Incorporation. The amendment, if approved, will create an unlimited number of non-voting, non-participating exchangeable shares (Exchangeable Shares) and restate the rights of the common shares to include a conversion feature allowing each share to be converted into one Exchangeable Share. The meeting is scheduled to be held virtually on an unspecified date in 2024. This move follows Canopy's internal reorganization, which saw the transfer of its Structured U.S. Investments to Canopy USA, LLC, a new Delaware-formed holding company. The Exchangeable Shares will not carry voting rights, dividends, or rights upon dissolution. The amendment proposal is a strategic step to position Canopy for accelerated entry into the U.S. cannabis market, subject to federal legalization. The proposal also provides shareholders the opportunity to assess their comfort with the company's exposure to the U.S. market. Canopy's largest shareholder, Constellation Brands Inc. (CBI), has indicated its intention to convert its shares into Exchangeable Shares upon approval of the amendment.