Company: CGC
Filing Date: 2025-06-06
Form Type: 424B7
Source: 0001104659-25-057341
Chunk: 10

Company: Canopy Growth Corp
Filing Date: 2025-06-06
Form: 424B7
Chunk 10
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” and, together with the Supreme Convertible Debentures, the “Supreme Debentures”).

On May 2, 2024, we 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, on May 14, 2024, the Investor delivered to the Company approximately C$27.5 million aggregate principal amount of outstanding Supreme Debentures maturing in September 2025 held by the Investor and paid the Company approximately US$50 million in exchange for the Company issuing to the Investor (i) the Convertible Debentures and (ii) the May 2024 Warrants. The Convertible Debentures bear interest at a rate of 7.50% per annum, payable in semi-annual payments in cash or, at the option of the Company, in Common Shares for the first four semi-annual interest payments, subject to certain conditions. The Convertible Debentures are convertible into Common Shares at the option of the Investor at a conversion price equal to C$14.38 per share, being the Canadian dollar equivalent of the average Nasdaq Official Closing Price of the Common Shares for the five trading days immediately preceding the date of the Exchange and Subscription Agreement. The Convertible Debentures are subject to a forced conversion feature upon notice from the Company in the event that the average closing trading price of the Common Shares on the TSX exceeds C$21.57 for a period of 10 consecutive trading days. On May 14, 2024, in connection with the May 2024 Issuance, we entered into a registration rights agreement with the Investor, pursuant to which we agreed to register the resale of the May 2024 Shares. The Convertible Debentures and the May 2024 Warrants were issued by the Company in reliance on the exemption from securities registration in Section 4(a)(2) under the Securities Act.

#### Put Warrant Shares
The Put Warrants were issued on December 9, 2024 pursuant to certain put agreements between Canopy USA and each of the investors thereto (the “Put Agreements”), a share issuance agreement between 1105220 Canada Inc., one of our wholly-owned subsidiaries, and Canopy USA, and a share issuance agreement between us and 1105220 Canada Inc. Pursuant to the Put Agreements, Canopy USA agreed to use commercially reasonable efforts to have us enter