---
schema_version: "secwatch.filing_event.v1"
accession: "0000016918-24-000051"
form_type: "8-K"
ticker: "STZ"
cik: "0000016918"
company_name: "CONSTELLATION BRANDS, INC."
filed_at: "2024-04-18T23:59:59+00:00"
generated_at: "2026-06-03T19:01:31.896833+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000016918-24-000051
- form_type: 8-K
- ticker: STZ
- cik: 0000016918
- company_name: CONSTELLATION BRANDS, INC.
- filed_at: 2024-04-18T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/16918/000001691824000051/0000016918-24-000051-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/16918/000001691824000051/stz-20240418.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000016918-24-000051
- JSON: https://secwatch.observer/filing/0000016918-24-000051.json
- Plain text: https://secwatch.observer/filing/0000016918-24-000051.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.