Canopy Growth Corp. CGCCA:WEED said Friday it will buy back and cancel C$12.5 million ($9.4 million) in 4.25% unsecured senior notes due 2023 in exchange for cash in a private placement deal with unnamed noteholders. The deal includes accrued and unpaid interest owed under the notes, and the issuance of approximately 24.3 million shares of Canopy stock to the note holders. Canopy Growth CFO Judy Hong said the cannabis company is, “pleased to have reached an agreement to equitize these notes and remain focused on further strengthening Canopy’s financial position.” Canopy Growth stock is up 2.3% in premarket trades. Canopy Growth has cut 1,200 jobs in past year and it issued a “going concern” warning earlier this month.
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