Canopy Growth Corporation Announces Resignation and Appointment of Directors

Strategic Insights -

Canopy Growth Corporation has filed a Current Report with the Securities and Exchange Commission, announcing the resignation of William Newlands as a member of the board of directors, effective immediately. Newlands' resignation follows the appointment of Garth Hankinson as a director, also effective immediately. Hankinson is the Executive Vice President and Chief Financial Officer of Constellation Brands, Inc. and has voluntarily waived his right to receive compensation for serving as a director.

Key Takeaways:

  • William Newlands has resigned as a member of Canopy Growth Corporation's board of directors, effective immediately.
  • Garth Hankinson has been appointed as a director of the Company, also effective immediately.
  • Hankinson has voluntarily waived his right to receive compensation for serving as a director.
  • Hankinson will serve as a director until the next annual general meeting of shareholders or until his earlier death, resignation, or removal.
  • Hankinson is the Executive Vice President and Chief Financial Officer of Constellation Brands, Inc.
  • The CBG Group, led by Hankinson, holds approximately 36.1% of Canopy Growth Corporation's issued and outstanding Common Shares.
  • The CBG Group is entitled to nominate four members of the board of directors under the Investor Rights Agreement, and Hankinson has replaced Newlands as one of the CBG Group Nominees.

Statistics:

  • 142,253,802: The number of Canopy Growth Corporation's common shares held by the CBI Group.
  • 139,745,453: The number of common share purchase warrants held by the CBI Group.
  • CDN$200 million: The principal amount of Canopy Growth Corporation's 4.25% convertible senior notes due 2023 held by the CBI Group.
  • 393,713,319: The total number of Canopy Growth Corporation's Common Shares outstanding as of November 24, 2021.
  • 286,150,795: The estimated number of Canopy Growth Corporation's Common Shares that the CBI Group would hold assuming full exercise of the CBG Warrants and full conversion of the Canopy Notes.

Sources:

  • United States Securities and Exchange Commission, [Form 8-K Current Report](https://www.sec.gov/Archives/edgar/data/38496/000119312521272762/d1381178z8-k.htm), Date of Report (Date of earliest event reported): November 24, 2021