Evolving Cannabis Industry Potential and Constellation Investment Overview
How it Started
CANOPY GROWTH
Constellation
Brands
CORPORATION
Oct-2017
Constellation makes initial
investment in Canopy with
acquisition of minority stake
(~9.9% for C$245mm)
Oct-2017
Constellation and Canopy
enter into a
commercialization agreement
providing Constellation with
exclusive rights to Cannabis
based beverages
Jun-2018
Canadian government passes
Bill C-45, which will
effectively legalize the
recreational Cannabis market
in Canada when rolled out in
October
Today
Based on success of initial investment
and conviction in the attractiveness of the
industry, Constellation and Canopy
continue expanding the partnership
October
2017
June
2018
July
2018
August
2018
Oct-2017 to Today
Extensive collaboration towards the
development and commercial launch of
non-alcoholic cannabis beverages
Jun-2018
Canopy issues C$600mm of
4.25% convertible senior
notes due 2023, with
Constellation purchasing
C$200mm
Aug-2018
Constellation increases stake
in Canopy to ~38%¹ for
C$5bn US$4bn
(plus additional warrants to
increase stake above 50%)²
Source: Company filings, Subscription agreement
1 Reflects fully diluted shares outstanding.
2 See Transaction Summary for details supporting pro forma ownership.
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