Bryan, Garnier & Co acts as Co-Manager on Canopy Growth’s benchmark CAD500 million Convertible Bond New Issue

Context

Founded in 2014, Canopy Growth is a world-leading diversified cannabis and hemp company, providing cannabis products for medical and recreational use in dried, oil and Softgel capsule forms.

Canopy Growth runs 10 licensed cannabis production sites with over 2.4 million square feet of production capacity and has operations in 9 countries across 5 continents.

Impressive partnerships with leading sector names including cannabis icon DNA Genetics, Green House seeds, and Fortune 500 alcohol leader Constellation Brands.

With the market in Canada gearing up to fully legalized recreational cannabis use in August this year, management recognized the need to raise funds to capitalize on their current 28% market share to allow for future expansion and growth.

Canopy Growth is listed on Toronto Stock Exchange (WEED CN) and New York Stock Exchange (CGC US).

Transaction highlights

Bryan, Garnier & Co acted as Co-Manager alongside Cowen and BMO who were Global Coordinators and Eight Capital acting as Co-Manager.

Canopy Growth raised CAD500 million / EUR327 million / USD384 million (excluding 15% greenshoe option) in a convertible bond issuance with a maturity of 5 years, a 4.25% coupon and a 25% premium (the tight end of the coupon range - 4.25% to 4.75% - and premium – 20% to 25%).

This transaction marks the 8th Equity Capital Markets transaction for Bryan, Garnier & Co’s Healthcare practice since the beginning of 2018 including: Medartis (CHF142.6 million), Celyad (EUR46.1 million) and Medigene (EUR48.3 million).