Constellation Brands Announces Expiration of Canopy Growth
Warrants
Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol
company, announced today the expiration of all its warrants
(“Warrants”) to purchase common shares (“Common Shares”) of Canopy
Growth Corporation (“Canopy”). All 88,472,861 Tranche A warrants
held by Constellation’s wholly-owned subsidiary, CBG Holdings LLC
(“CBG”), expired as of November 1, 2023. Since the vesting of the
remaining aggregate of 51,272,592 Tranche B and Tranche C warrants
was conditioned on the exercise, in full, of the Tranche A
warrants, the remaining Warrants are not, and will not become,
exercisable by CBG. As a result, Constellation is no longer deemed
to beneficially own any of the 139,745,453 Common Shares underlying
the Warrants.
The 139,745,453 Common Shares underlying the
Warrants would have represented an aggregate of approximately 16.9%
of the Common Shares outstanding as of September 30, 2023. CBG and
another subsidiary of Constellation, Greenstar Canada Investment
Limited Partnership, now hold an aggregate of 171,499,258 Common
Shares (representing approximately 20.7% of the issued and
outstanding Common Shares) and C$100.0 million principal amount of
the 4.25% promissory note due 2024 issued by Canopy.
ADDITIONAL INFORMATIONOther than
expiry of the Warrants and the terms of the previously disclosed
consent agreement and voting support agreement with Canopy
referenced in Constellation’s October 25, 2022 press release,
Constellation has no other present plans or future intentions that
relate to Canopy. Constellation may from time to time dispose of
Common Shares or other securities of Canopy or conduct other
transactions, in the future, either on the open market or in
private transactions, in each case, depending on a number of
factors, including general market and economic conditions, other
available investment opportunities, regulatory developments, or
other factors determined by Constellation. Depending on market
conditions, general economic and industry conditions, Canopy’s
business and financial condition, and/or other relevant factors,
Constellation may develop other plans or intentions in the
future.
A copy of the early warning report filed in
connection with this press release will be available on Canopy’s
profile on SEDAR at www.sedar.com or may be obtained by contacting
Constellation’s Investor Center at 1-888-922-2150.
FORWARD-LOOKING STATEMENTSThis
news release contains forward-looking statements. All statements
other than statements of historical fact are forward-looking
statements. The words “expect,” “intend,” and similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain such identifying words.
These statements may relate to business strategy, future
operations, prospects, plans and objectives of management, as well
as information concerning expected actions of third parties,
including statements related to Constellation’s plans or future
intentions that relate to Canopy. All forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those set forth in, or implied by, such
forward-looking statements. No assurances can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur.
The forward-looking statements are based on
management’s current expectations and should not be construed in
any manner as a guarantee that such actions will in fact occur or
will occur on the timetable contemplated hereby. All
forward-looking statements speak only as of the date of this news
release and Constellation undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
In addition to risks and uncertainties associated
with ordinary business operations, the forward-looking statements
contained in this news release are subject to other risks and
uncertainties, including those disclosed from time-to-time in
Constellation’s filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal
year ended February 28, 2023 and its Quarterly Report on Form 10-Q
for the fiscal quarter ended August 31, 2023, which could cause
actual future performance to differ from current expectations.
ABOUT CONSTELLATION
BRANDSConstellation Brands (NYSE: STZ) is a leading
international producer and marketer of beer, wine, and spirits with
operations in the U.S., Mexico, New Zealand, and Italy. Our mission
is to build brands that people love because we believe elevating
human connections is Worth Reaching For. It’s worth our dedication,
hard work, and calculated risks to anticipate market trends and
deliver more for our consumers, shareholders, employees, and
industry. This dedication is what has driven us to become one of
the fastest-growing, large CPG companies in the U.S. at retail, and
it drives our pursuit to deliver what’s next.
Every day, people reach for our high-end, iconic
imported beer brands such as those in the Corona brand family like
the flagship Corona Extra, Modelo Especial and the flavorful lineup
of Modelo Cheladas, Pacifico, and Victoria; our fine wine and craft
spirits brands including The Prisoner Wine Company, Robert Mondavi
Winery, Casa Noble Tequila, and High West Whiskey; and our premium
wine brands such as Kim Crawford and Meiomi.
As an agriculture-based company, we have a long
history of operating sustainably and responsibly. Our ESG strategy
is embedded into our business and our work focuses on serving as
good stewards of the environment, enhancing social equity within
our industry and communities, and promoting responsible beverage
alcohol consumption. These commitments ground our aspirations
beyond driving the bottom line as we work to create a future that
is truly Worth Reaching For.
To learn more, visit www.cbrands.com and
follow us on X, Instagram, and LinkedIn.
MEDIA CONTACTS |
INVESTOR RELATIONS CONTACTS |
Amy Martin 585-678-7141 / amy.martin@cbrands.com Carissa Guzski
315-525-7362 / carissa.guzski@cbrands.com |
Joseph Suarez 773-551-4397 / joseph.suarez@cbrands.com Snehal Shah
847-385-4940 / snehal.shah@cbrands.comDavid Paccapaniccia
585-282-7227 / david.paccapaniccia@cbrands.com |
A downloadable PDF copy of this news release can be found
here: http://ml.globenewswire.com/Resource/Download/ac47d22f-72c6-49ed-9cda-904b89f8e236
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