---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-057446"
form_type: "8-K"
ticker: "CGC"
cik: "0001737927"
company_name: "Canopy Growth Corp"
filed_at: "2024-05-06T23:59:59+00:00"
generated_at: "2026-06-02T22:15:34.385526+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Canopy Growth enters debt exchange for US$50M proceeds, extends C$27.5M debt to 2029

## Summary
- Gross proceeds ~US$50M; exchanges C$27.5M of 2025 debt for new C$96.4M convertible debenture maturing 2029.
- New convertible debenture bears 7.5% interest; conversion price C$14.38; forced conversion trigger at C$21.57.
- Issues 3.35M warrants at C$16.18 exercise price, 5-year term.
- Canopy USA exercises options to acquire 100% of Wana (edibles) and Jetty (extracts) for U.S. cannabis expansion.
- Acreage Holdings receives default notice; Canopy evaluating; option to acquire Acreage extended to May 9.

## SEC filing metadata
- accession: 0001104659-24-057446
- form_type: 8-K
- ticker: CGC
- cik: 0001737927
- company_name: Canopy Growth Corp
- filed_at: 2024-05-06T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1737927/000110465924057446/0001104659-24-057446-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1737927/000110465924057446/tm2413548d1_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-057446
- JSON: https://secwatch.observer/filing/0001104659-24-057446.json
- Plain text: https://secwatch.observer/filing/0001104659-24-057446.txt

## Key facts
- Debt Financings
  Canopy Growth Corp incurred convertible notes of C$96,358,375 with MMCAP International Inc. SPC at 7.50% per annum maturing five years from the Closing Date.
  - Instrument: convertible notes
  - Principal: C$96,358,375
  - Counterparty: MMCAP International Inc. SPC
  - Rate: 7.50% per annum
  - Maturity: five years from the Closing Date
  - Event: incurrence
  source text: a new senior unsecured convertible debenture of the Company with an aggregate principal amount of C$96,358,375 maturing five years from the Closing Date (as defined below) (the “ Convertible Debenture ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737927/000110465924057446/0001104659-24-057446-index.htm
- Material Agreements
  Canopy Growth Corp entered into Exchange and Subscription Agreement with MMCAP International Inc. SPC valued at approximately C$27.5 million aggregate principal amount of Supreme Debentures (effective 2024-05-02).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: MMCAP International Inc. SPC
  - Value: approximately C$27.5 million aggregate principal amount of Supreme Debentures
  - Effective: 2024-05-02
  source text: On May 2, 2024, the Company entered into an Exchange and Subscription Agreement (the “ Exchange and Subscription Agreement ”) with MMCAP International Inc. SPC (the “ Investor ”) pursuant to which, among other things, the Investor agreed to deliver to the Company approximately C$27.5 million aggregate principal amount of Supreme Debentures maturing in September 2025 held by the Investor and pay the Company approximately US$50 million in exchange for the Company issuing to the Investor (i) a new senior unsecured convertible debenture of the Company with an aggregate principal amount of C$96,358,375
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737927/000110465924057446/0001104659-24-057446-index.htm
- Material Agreements
  Canopy Growth Corp entered into Second Amended and Restated Limited Liability Company Agreement with Canopy USA, LLC and its members, 11065520 Canada Inc. and the Huneeus 2017 Irrevocable Trust (effective 2024-04-30).
  - Action: entry
  - Counterparty: Canopy USA, LLC and its members, 11065520 Canada Inc. and the Huneeus 2017 Irrevocable Trust
  - Effective: 2024-04-30
  source text: On April 30, 2024, Canopy USA and its members, 11065520 Canada Inc. and the Huneeus 2017 Irrevocable Trust, entered into a Second Amended and Restated Limited Liability Company Agreement (the “ Second A&R LLC Agreement ”) which amended and restated the prior amended and restated limited liability company agreement of Canopy USA
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737927/000110465924057446/0001104659-24-057446-index.htm

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