Canopy Growth announces termination of deals for $30M private placement

On January 9, Canopy Growth entered into Subscription Agreements with certain institutional investors pursuant to which the Company agreed sell to the Investors an aggregate of 6,993,007 units of the Company at a price of $4.29 per Unit in a private placement for approximate gross proceeds of $30M. Following the announcement of the Private Placement and prior to closing, the Company received information from a third party that such third party could not complete certain tasks in a timely manner, which would result in delays outside of the Company’s control and impact the Company’s ability to satisfy customary closing requirements. Due to this, and based on mutual agreement with the Investors, the Company terminated the Subscription Agreements on January 12. As a result of such termination, no securities will be sold pursuant to the Private Placement. The Company expects to be in position to complete customary closing requirements in the next few weeks, and the Company continues to have sufficient liquidity, including through its cash on hand, debt facilities, and other expected sources of financing. The Company expects to report its fiscal third quarter financial results on February 9.