Constellation Brands announced the expiration of all its warrants to purchase common shares of Canopy Growth Corporation. All 88,472,861 Tranche A warrants held by Constellation’s wholly-owned subsidiary, CBG Holdings LLC, 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 information
Other 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.

For more information:
Constellation Brands
www.cbrands.com