On January 8, 2026, Canopy Growth Corporation announced completion of transactions to recapitalize its balance sheet and extend all outstanding debt maturities to January 2031 at minimum. The recapitalization involved two primary components: a term loan transaction and a convertible debenture exchange. The company secured a US$150 million (approximately C$207 million) term loan from lenders led by JGB Management Inc., maturing in January 2031. Proceeds will repay existing senior secured debt of approximately US$101 million (approximately C$139 million) due September 2027, with remaining funds allocated to working capital and potential acquisitions. The term loan bears interest at Term SOFR (minimum 3.25%) plus 6.25%, representing a reduced cash interest rate compared to existing debt. Concurrently, Canopy Growth exchanged approximately C$96.4 million of existing convertible debentures due May 2029 for a C$80 million package comprising C$55 million in new convertible debentures due July 2031, C$10.5 million cash, 9,493,670 common shares, and 12,731,481 share purchase warrants. Upon transaction closure, Canopy Growth expects approximately C$425 million cash on hand.

Canaccord Genuity Corp. served as exclusive financial advisor. Cassels Brock & Blackwell LLP acted as Canadian counsel, while Goodwin Procter LLP and Paul Hastings LLP provided US counsel for the respective transactions. Haynes and Boone, LLP and Stikeman Elliott LLP advised JGB Management Inc.