WEED - Canopy Growth's Big Step Toward Entry Into US Cannabis Market As DEA Rescheduling Looms | Benzinga
Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) said on Thursday, April 18 that in connection with the creation of the company's non-voting and non-participating exchangeable shares, Greenstar Canada Investment Limited Partnership and CBG Holdings LLC, each a wholly-owned subsidiary of Constellation Brands Inc (NYSE:STZ) exchanged all 17,149,925 common shares in the capital of the company they collectively held for 17,149,925 exchangeable shares for no consideration.
The CBG Group no longer holds any common shares of Canopy, as a result, the company said on Thursday.
Each exchangeable share is convertible, at the option of the holder, into one common share. The exchangeable shares are not traded on a public market and represent an interest in Canopy Growth directly, not Canopy USA, LLC.
Canopy Growth's shareholders approved the creation of a new class of exchangeable shares of the company during their special meeting on Friday, April 12.