Bryan, Garnier & Co acts as Co-Manager on Canopy Growth’s benchmark CAD 500 million Convertible Bond New Issue

Bryan, Garnier & Co acts as Co-Manager on Canopy Growth’s benchmark CAD 500 million Convertible Bond New Issue

News published on June Friday 15, 2018
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Context

Founded in 2014, Canopy Growth is a world-leading diversified cannabis and hemp company, providing cannabis products for medical and recreational use in dried, oil and Softgel capsule forms.

Canopy Growth runs 10 licensed cannabis production sites with over 2.4 million square feet of production capacity and has operations in 9 countries across 5 continents.

Impressive partnerships with leading sector names including cannabis icon DNA Genetics, Green House seeds, and Fortune 500 alcohol leader Constellation Brands.

With the market in Canada gearing up to fully legalized recreational cannabis use in August this year, management recognized the need to raise funds to capitalize on their current 28% market share to allow for future expansion and growth.

Canopy Growth is listed on Toronto Stock Exchange (WEED CN) and New York Stock Exchange (CGC US).

Transaction highlights

Bryan, Garnier & Co acted as Co-Manager alongside Cowen and BMO who were Global Coordinators and Eight Capital acting as Co-Manager.

Canopy Growth raised CAD 500 million / EUR 327 million / USD 384 million (excluding 15% greenshoe option) in a convertible bond issuance with a maturity of 5 years, a 4.25% coupon and a 25% premium (the tight end of the coupon range - 4.25% to 4.75% - and premium – 20% to 25%).

This transaction marks the 8th Equity Capital Markets transaction for Bryan, Garnier & Co’s Healthcare practice since the beginning of 2018 including: Medartis (CHF 142.6 million), Celyad (EUR 46.1 million) and Medigene (EUR 48.3 million).

About Canopy Growth Corporation

Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world - class cannabis company one product, site and country at a time.

(www.canopygrowth.com)

About Bryan, Garnier & Co

Bryan, Garnier & Co is a European, full service growth-focused independent investment banking partnership founded in 1996. The firm provides equity research, sales and trading, private and public capital raising as well as M&A services to growth companies and their investors. It focuses on key growth sectors of the economy including Technology, Media & Telecoms, Healthcare, Smart Industries & Energy, Consumer, Brands & Retail and Business Services. Bryan, Garnier & Co is a fully registered broker dealer authorized and regulated by the FCA in Europe and the FINRA in the U.S. Bryan, Garnier & Co is headquartered in London, with additional offices in Paris, Munich, Zurich and New York. The firm is a member of the London Stock Exchange and Euronext.

(www.bryangarnier.com)

Deal team

Olivier Garnier
Managing Partner
Healthcare
T: +33 1 56 68 75 29

Pierre Kiecolt-Wahl
Managing Director
Equity Capital Markets
T: +33 1 56 68 75 17

Charles Tellier
Managing Director
Consumer, Brands & Retail
T:+33 1 70 36 57 15

Jean de Pracomtal
Vice President
T: +33 1 56 68 75 38

Pierre Sertour
Analyst
T:+33 1 56 68 75 76


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