Pot Grower Canopy Crumbles on Deal to Swap Debt for Shares, Cash [Business News Network (BNN) (Canada)]
Constellation Brands, Inc. (STZ)
Last constellation brands, inc. earnings: 4/3 07:30 am
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Source: Business News Network
The pot producer tumbled as much as 22% to an almost five-year low of $2.72, after announcing the deal, which also boosts main shareholder Constellation Brands Inc.'s stake. Canopy ranks among the biggest losers in the cannabis sector this year as the industry falters under the glacial pace of US legalization. Canopy agreed to swap C$255.4 million ($198 million) of debt for shares and C$3 million in cash for accrued and unpaid interest. Through the deal, Constellation will acquire from 21.9 million to 30.7 million Canopy stock at a value of about $2.50 to $3.50 each. The US alcohol producer currently has a 36% stake in the cannabis producer, according to data compiled by Bloomberg. The agreement “reinforces the weight of its cash-burn rate as it continues to right-size its business model,” Bloomberg Intelligence analyst Kenneth Shea said. “The step will increase Constellation's stake to above 40% and closer to majority control.” The move comes as analyst slash their price targe
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