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Cannabis company Canopy Growth to exchange $255.4-million in notes for shares and cash

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Constellation Brands Inc. has agreed to swap half of the $200-million in notes it holds under the deal

Canopy Growth Corp. has signed a deal to exchange $255.4-million of its debt for shares and a little bit of cash.

The price used to value the shares will be the volume-weighted average trading price on the Nasdaq Global Select Market for the 10 consecutive trading days beginning Thursday, subject to a floor price of US$2.50 and a maximum of US$3.50 per share. The company, which is already Canopy’s largest shareholder, will receive a minimum of 21.9 million Canopy shares based on the floor price and a maximum of 30.7 million shares.

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