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," said Bruce Linton, Chairman & Co-CEO. "I would like to thank our shareholders for their support and for approving a landmark investment in our business."