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Canopy Growth (TSX: WEED, NASDAQ: CGC), a leading cannabis company, will announce its fourth quarter and fiscal year 2024 financial results on May 30, 2024, before market open. The results cover the period ending March 31, 2024. Following the release, CEO David Klein and CFO Judy Hong will host an audio webcast at 10 AM ET.
The webcast can be accessed live and will be available for replay until August 28, 2024. Canopy Growth offers a wide range of premium and mainstream cannabis products and has a significant presence in the U.S. THC market through partnerships with brands like Wana, Jetty Extracts, and Acreage Holdings.
Canopy Growth is also committed to social equity, responsible use, and community reinvestment, aiming to improve lives through cannabis products and education.
Canopy Growth announced that Canopy USA, has exercised options to acquire Wana, a leading cannabis edibles brand, and Jetty, a California-based producer of high-quality cannabis extracts. These acquisitions are expected to drive revenue growth, realize cost synergies, and establish a brand-focused powerhouse in the U.S. cannabis market. Canopy USA will own 100% of Wana and approximately 75% of Jetty upon closing, subject to regulatory approvals.
Canopy Growth announced a financing agreement with an institutional investor to receive approximately US$50 million in gross proceeds and exchange C$27.5 million of existing debt for a new senior unsecured convertible debenture. The company intends to use the proceeds for working capital and general corporate purposes. The offering is expected to close in May 2024, subject to customary conditions.
