Canopy Growth Corporation's $750 Million Term Loan Financing

Goodmans LLP acted for King Street Capital Management, L.P. (“King Street Capital”) in connection with Canopy Growth Corporation’s ("Canopy Growth" or "Canopy" or the "Company") agreement of $750 million senior secured term loan with funds advised by King Street Capital. The Company also has the ability to obtain up to an additional US$500 million of incremental senior secured debt pursuant to the Credit Agreement.

The Term Loan Facility has no amortization payments and matures on March 18, 2026. The gross proceeds, net of fees and expenses, will be used by Canopy Growth for working capital and general corporate purposes, including without limitation, growth investments, acquisitions, capital expenditures, and strategic initiatives. The Term Loan Facility has a coupon of LIBOR plus 8.50% and is subject to a LIBOR floor of 1.00%. Giving effect to the net proceeds from the Term Loan Facility, the Company's estimated pro forma cash, cash equivalents and short-term investments position as at December 31, 2020 would have been approximately $2.5 billion.