Canadian Cannabis News
Canopy Growth Recapitalizes Balance Sheet – New Cannabis Ventures
Canopy Growth Announces Strategic Recapitalization Transactions That Significantly Strengthen Balance Sheet to Support Growth Strategy
Refinancing in 2027 The loan and exchange is due in 2029. redeemable convertible bonds, extending the maturity dates of all outstanding debts until 2031. beginning of January while expanding the liquidity profile.
SMITHS FALLS, ON. January 8, 2026 — Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (Nasdaq: CGC), a leading global cannabis company dedicated to unleashing the life-enhancing power of hemp, today announced that the Company has entered into a series of transactions to recapitalize its balance sheet and extend maturity through January 13. Upon completion of these Transactions (as defined below), Canopy Growth is expected to have approximately C$425 million in cash, providing additional flexibility to support the Company’s long-term priorities.
“Today, Canopy Growth is moving forward from a strong position supported by a strong balance sheet, enhanced liquidity, extended debt maturities and clear strategic direction,” said Tom Stewart, Canopy Growth’s Chief Financial Officer. “We have created a financial runway through 2031, which allows us to take advantage of growth opportunities based on the momentum of our previously announced acquisition of MTL Cannabis Corp.”
“As we continue to execute on our strategy focused on disciplined growth, operational excellence and financial stewardship, these Transactions enable the strategic expansion needed to strengthen Canopy Growth’s leadership position, support growing demand in the European medical market, and drive our path to sustainable Adjusted EBITDA profitability,” said Chicrowef Excrowef Growth’s office.
Term loan transaction
Pursuant to the terms of the Term Loan Agreement (the “Loan Agreement”), the Company will receive US$150 million in net proceeds (the “Term Loan”) in connection with the Loan Agreement (the “Loan Transaction”) from a group of lenders led by JGB Management Inc. (the “Lenders”), with the Term Loan repayable between January 20 and G33. Term Loan to (i) repay its existing senior secured debt in a principal amount of approximately $101 million due in September 2027; (ii) for working capital and general corporate purposes; and (iii) finance any potential future acquisitions.
The Term Loan will bear an annual interest rate equal to the applicable Term SOFR Rate (minimum 3.25%) plus 6.25%, representing a reduction in the Company’s cash interest rate compared to its current existing senior secured debt.
Exchange of convertible bonds
Concurrent with the execution of the Credit Agreement, Canopy Growth also entered into an exchange agreement (the “Exchange Agreement”) with one institutional investor (the “Investor”) pursuant to which Canopy Growth will exchange approximately C$96.4 million of existing convertible notes due May 2029 (the “2029 Transaction” and, together with the Credit Transaction, the “Transactions”), which includes: (b) C$10.5 million in cash; c) 9,493,670 common shares of the Company (“Common Shares”). and (d) warrants to purchase 12,731,481 common shares of the Company (the “Investor Warrants”). The notes will bear interest at 7.50% per annum, payable semi-annually in cash, and may be converted into common stock at the option of the holder at a conversion price equal to C$1.83 per common share.
The transactions are expected to close on or about January 8, 2026 (the “Closing Date”), subject to customary closing conditions.
Additional transaction details
The aggregate principal amount of the term loan is approximately $162 million, reflecting the original issue discount. Interest on the term loan will be paid in monthly installments in cash. After the first anniversary of the first interest payment date, each Lender shall have the option to require the borrowers to pay such Lender’s pro rata share of up to $3 million of principal after each payment date of one calendar month. Prepayments and repayments of the Term Loan are subject to (i) interest equal to 12 monthly interest payments less interest payments made by the borrowers up to the date of such prepayment for prepayments or repayments made during the first year of the Term Loan, and (ii) an exit fee of approximately $5 million. Credit, only a pro rata portion of such exit fee will be payable at the time of each such partial payment. The Term Loan and the obligations under the Credit Agreement and other related credit documents will be secured by substantially all of the assets of the Company and each of its Material Subsidiaries.
The credit agreement also includes certain prepayments, a minimum of $90 million in cash or principal amount of the term loan, and various other covenants, guarantees, covenants and conditions customary for such financings.
In connection with the Credit Agreement, on the Closing Date, the Company will issue warrants to the Lenders to purchase 18,705,577 common shares of the Company (the “Loan Warrants”). Each Loan Warrant will entitle the holder to acquire one Common Share at an exercise price of $1.30 per Common Share for a period of five years from the Closing Date. Pursuant to the Exchange Transaction, each Investor Warrant will entitle the holder to acquire one Common Share at an exercise price of C$2.16 per Common Share for a period of five years from the Closing Date.
On the Closing Date, the Company will enter into registration rights agreements with the Investor and the Lenders, respectively, pursuant to which the Company will agree to file registration statements with the U.S. Securities and Exchange Commission (“SEC”) that will include the resale of the Common Shares issued to the Investor in the Exchange Transaction, as well as the Deben the Investor Common Shares and the Common Shares underlying them. Warranties, as applicable.
This news release shall not constitute an offer to sell or an offer to buy such securities, nor shall there be a sale of such securities in any state or other jurisdiction where such offer, solicitation or sale would be illegal pending registration or qualification under the securities laws of such state or other jurisdiction.
Canaccord Genuity Corp. acted as exclusive financial advisor and Cassels Brock & Blackwell LLP acted as Canadian advisor to Canopy Growth in connection with the transactions. Goodwin Procter LLP and Paul Hastings LLP acted as US counsel to Canopy Growth in connection with the Credit Transaction and the Exchange Transaction, respectively. Haynes and Boone, LLP and Stikeman Elliott LLP acted as counsel to JGB Management Inc. in connection with the Credit Transaction.
About the growth of canopies
Canopy Growth is a leading global cannabis company dedicated to bringing the power of hemp to life.
Through an unwavering commitment to consumers, Canopy Growth delivers innovative products from owned and licensed brands including Tweed, 7ACRES, DOJA, Deep Space and Claybourne, as well as category vaporizers by Storz & Bickel. In addition, Canopy Growth serves medical cannabis patients worldwide, with major operations in Canada, Europe and Australia.
Canopy Growth has also built a comprehensive ecosystem to realize the opportunities presented by the US THC market through the unconsolidated, non-controlling interests of Canopy USA, LLC (“Canopy USA”). Canopy USA’s portfolio includes ownership of Acreage Holdings, Inc., a vertically integrated multipurpose hemp operator operating in the Northeast and Midwest US, as well as the owner of Wana Wellness, LLC, The Cima Group, LLC and Mountain High Products, LLC, a leading North American edible brand majority owned by Lemurian. hemp extracts and pure vape technology.
At Canopy Growth, we’re building a future where cannabis is embraced for its potential to enhance well-being and improve lives. With high-quality products, a commitment to responsible use, and a focus on improving the communities where we live and work, we’re paving the way for all that hemp has to offer.
For more information, visit www.canopygrowth.com.
Published by NCV Newswire
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
Tilray Brands Delivers Record Quarter 2026 Financial Results; Net income increased to $207 million, an 11% organic increase, and gross profit increased to $55 million, a 6% year-over-year increase.
- International Hemp Accelerates With 73% Net Revenue Growth and 100% YoY Growth in Cannabis Flower Sales
- Canadian adult-use and medical cannabis net revenue up 8% year-over-year; Tilray maintains the No. 1 cannabis leadership position in Canada by revenue
- BrewDog Acquisition¹ for ~£40m cash positions Tilray as a global beverage leader with multi-regional expansion across Europe, the Middle East, Australia, Asia-Pacific and the US
- Strong balance sheet supports growth with $265 million in cash and marketable securities² and ~$3.5 million in net cash
NEW YORK and LONDON and LEAMINGTON, Ontario, April 01, 2026 (GLOBE NEWSWIRE) — Tilray Brands, Inc. (“Tilray,” “our,” “we” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a global consumer packaged goods company and leader in the cannabis, beverage and health industries, today reported financial results for its third fiscal quarter ended February 28, 2026. revenue and the continued successful execution of its global expansion strategy. All financial information in this press release is presented in US dollars unless otherwise indicated.
“Our third quarter results demonstrated the strength of our global strategy, delivering our strongest quarter of net income and gross profit to date. Our international hemp business delivered its best quarterly net income in company history, reflecting more than 70% year-over-year growth in our global strategy. markets We see our strategy working by driving growth through scale, product innovation and strong distribution.
Mr. Simon continued. “With the acquisition of leading British craft beer brand BrewDog and our recently announced partnership with Carlsberg from 2027, we are accelerating the creation of a globally scalable beverage platform. These initiatives expand our infrastructure, strengthen our brand portfolio and expand our position in key distribution opportunities in Europe, expand our position in key distribution opportunities in Europe. Backed by our diverse platform in the Middle East, Australasia and Asia-Pacific across cannabis, beverages, pharmaceutical distribution and health, we are well-versed in industry adversaries while capitalizing on emerging opportunities driven by global consumer trends and regulatory changes.
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1 The BrewDog acquisition is not reflected in the Company’s third quarter results or balance sheet as the transaction was closed and completed after the end of the quarter.
2 Cash, restricted cash and marketable securities is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for further discussion of these Non-GAAP measures and a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.
Financial milestones
All comparisons with the previous year period
- Net income rose 11% to a record $206.7 million in the third quarter, up from $185.8 million.
Third-quarter gross profit rose 6% to a record $55.0 million from $52.0 million.
Gross margin was 27% in the third quarter, up from 28%.
Cannabis net revenue increased 19% to $64.8 million in the third quarter, compared to $54.3 million, driven by a 73% increase in international cannabis revenue and an 8% increase in Canadian adult use and medical cannabis net revenue.
Cannabis’ gross profit rose 18% to $26.0 million in the third quarter from $22.0 million.
Hemp gross margin was 40% in the third quarter, up from 41%.
Beverage net revenue in the third quarter was $42.6 million, compared to $55.9 million.
Beverages gross profit in the third quarter was $13.6 million, compared to $19.9 million.
Beverages gross margin was 32% in the third quarter, up from 36%.
Health net income rose 16% to $16.4 million in the third quarter from $14.1 million.
Health’s gross profit rose 19% to $5.4 million in the third quarter from $4.5 million.
Health’s gross margin increased to 33% from 32% in the third quarter.
Distribution net income, which includes Tilray Pharma, rose to a record third-quarter net income of $83.0 million, up from $61.5 million.
The distribution’s gross profit rose to $10.0 million in the third quarter from $5.6 million.
Gross distribution margin increased to 12% from 9% in the third quarter.
Net loss improved 97% in the third quarter to $25.2 million on a net loss of $793.5 million, and net loss per share improved to $0.24 in the third quarter (from $8.69).
Adjusted net income (loss)³ and adjusted net income per share³ improved to $2.4 million and $0.02 in the third quarter, compared to an adjusted net loss of $2.9 million and ($0.03).
Adjusted cash operating income4 improved to $4.0 million in the third quarter, compared to a cash operating loss of $3.1 million.
Adjusted EBITDA⁵ increased 19% to $10.7 million in the third quarter from $9.0 million.
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3 Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP financial measures. See “Use of Non-GAAP Measures” below for a discussion of these Non-GAAP measures and a reconciliation of this Non-GAAP measure to our most comparable GAAP measure.
4 Adjusted cash operating income (loss) is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for a discussion of these Non-GAAP measures and a reconciliation of this Non-GAAP measure to our most comparable GAAP measure.
5 Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for a discussion of these Non-GAAP measures and a reconciliation of this Non-GAAP measure to our most comparable GAAP measure.
Balance update: our balance sheet remains strong with secured cash, restricted cash and marketable securities balance of $264.8 million at the end of the third quarter, providing flexibility for strategic opportunities and investments. We also reduced our total debt outstanding by $4.2 million in the quarter, highlighting our improved debt position.
Net (debt) cash position. Our net cash position of $3.5 million improved to $40.2 million compared to net debt of $36.6 million last year.
Program 420 update. In the quarter, we completed the previously announced Project 420 synergy program, delivering approximately $33 million in annualized cost savings and significantly strengthening the cost structure of our Beverages business.
FY 2026 guidance
For its fiscal year ending May 31, 2026, the Company reaffirms its guidance to achieve: adjusted EBITDA of $62 million to $72 million, representing an increase of 13% to 31% compared to fiscal 2025.
Management’s guidance for Adjusted EBITDA is provided on a non-GAAP basis and excludes stock-based compensation; change in fair value of contingent consideration. increase in purchase price accounting; impairment of intangible assets and goodwill; In addition to the temporary change in the fair value of convertible receivables; court costs; restructuring costs, transaction (revenue) costs and other non-operating income (expenses) and other non-recurring items that may occur during the Company’s 2026 fiscal year, which the Company will continue to recognize when presenting its future financial results. Given the escalation of hostilities in the Middle East, including Iran, we are monitoring various factors that may directly and indirectly affect operating expenses and, therefore, our adjusted EBITDA expectations, including energy, fuel, logistics and supply chain disruption.
The Company is unable to reconcile its expected Adjusted EBITDA with the “Fiscal Year 2026 Guidance” to net income without unreasonable effort because certain items affecting net income and other reconciliation measures are beyond the Company’s control and/or cannot be reasonably predicted at this time.
Live audio webcast
Tilray Brands will host a webcast to discuss these results today at 8:30 AM ET. Investors can tune in to the live webcast, which is available in the Events and Presentations section of Tilray’s Investor Relations website. A replay will be available and archived on the Company’s website.
About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America, leading as a transformative force at the intersection of cannabis, beverages, health and entertainment. Tilray’s mission is to be a leading premium lifestyle company, home to brands and innovative products that inspire joy and create memorable experiences. Tilray’s unparalleled platform supports more than 40 brands in more than 20 countries, including comprehensive cannabis offerings, hemp-based food and craft beverages.
To learn more about how we elevate life in moments of connection, visit Tilray.com and follow @Tilray on all social platforms.
Published by NCV Newswire
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.
friends,
I’m a big fan of artificial intelligence, although I have many concerns about its use. Some of the areas where I think AI can help society are healthcare diagnostics and drug discovery, finance, manufacturing, retail, logistics and technology. Workday, a publicly traded HR technology company, was discussed the ways that AI can and will affect certain industries in an article last summer.
I don’t follow WDAY closely, but the stock is down 40.8% so far in 2026, although this weakness is not unique to this stock. I have been and remain bearish on stocks, especially large-cap stocks, but I bought a tech ETF, the State Street SPDR S&P 500 Software & Services ETF, which is down 23.1% for the day. It also includes some very large companies and some that I really like. The reason these stocks have fallen so much appears to be concerns about AI, which could lead to the demise of software as a service (SaaS).
As a fan of AI, but someone who is concerned about it, I’ve been paying close attention to it even though I’m not paying for any of the services. I started using ChatGPT last year and tested it with the world I know, cannabis stocks. I was not satisfied with the answers to my questions. I recently started using Claude which I like better. I’ve never written about AI and how it can help (or hurt) people trying to pick good cannabis stocks, but I’m thinking today because I don’t think the answers are quite right.
As an analyst who has followed this industry closely for over 13 years, I know a lot. What I do know is that I don’t know everything about hemp stocks, and I certainly can’t accurately predict the future. I love that people can use the internet to do their research and it’s so much better than when I was a kid. The investment world then operated by fax, and investors had to deal with stockbrokers. AI can potentially take individuals further with their stock research.
I started writing this article before seeing this example that I will discuss. I want readers to know that this is an example of how Claude can come up with some pretty smart answers to questions. Asking good questions is the right thing for investors to do, but knowing what to do with those answers can be difficult. I believe that artificial intelligence is not there yet, and I base this on the answers to certain questions. I celebrate the improvement, but for those who think that choosing the right cannabis stock will lead to great results, I urge caution. This comment, in my opinion, goes beyond hemp stocks. Stock picking in general can be helped by artificial intelligence, but it is not harmless. Here is an example of a question I asked Claude and I think the answer is very helpful.
I am not trying to influence the price of Glass House Farms because I have literally zero influence on it. I have known Mark Codes for 50 years and love and respect him. I also think Glass House Farms CEO Kyle Kazan and his staff are doing good things.
As I’ve written here for a while, the hemp industry is facing many challenges, the biggest of which is 280E taxation. Will 280E be completed? When? Hemp stock traders and hemp stock investors need to understand that no one knows. There are many other challenges facing the hemp industry, and it goes beyond the US. Can AI answer the question of which direction hemp stocks will move in the right direction? Only if it says “up or down”.
So if you’re relying on AI to tell you when to buy cannabis stocks, or which ones to buy, I urge caution. If you’ve found something that you think gives investors a solid tool for success, please let me know. I wish readers the best with hemp stocks that remain in a bear market that is now more than five years old.
Sincerely,
Alan:
New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 3 weeks.
Exclusives
Canadian cannabis sales set to grow in 2026
Hemp companies ended 2025 in weakening financial positions
Cannabis sales plummeted in Illinois
Michigan’s cannabis sales are up slightly
Financial statements
Ascend Wellness Saw Wider Operating Loss in Q4
Verano Q4 exceeded analyst expectations
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Follow Alan for real-time updates X.com:. Share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs LinkedIn:.
View: Public Hemp Company Revenue and Earnings Trackingwhich ranks the highest-earning hemp stocks.
Stay on top of the most important communications from public companies by watching what’s coming cannabis investor calendar.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
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