Constellation converts Canopy common shares and note into exchangeable shares, ends governance rights

CONSTELLATION BRANDS, INC.

Greenstar and CBG converted 17,149,925 Canopy common shares (18.8% stake) into non-voting exchangeable shares.
Exchanged C$81.2M of C$100M promissory note for 9,111,549 exchangeable shares at C$8.91/share; remaining principal and interest forgiven.
All Constellation board nominees resigned from Canopy board; investor rights, admin, co-development agreements terminated.
Constellation now holds 26,261,474 exchangeable shares (sole holder), accounted for at fair value; no other Canopy securities.
No further investment planned; conversion to common shares conditional on U.S. marijuana law changes.

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