We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Canopy Growth Corporation | NASDAQ:CGC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.09 | -0.87% | 10.25 | 10.05 | 10.39 | 11.27 | 10.02 | 10.55 | 15,724,844 | 05:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
☐ | Preliminary Proxy Statement |
☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
☐ | Definitive Proxy Statement |
☐ | Definitive Additional Materials |
☒ | Soliciting Material under §240.14a-12 |
CANOPY GROWTH CORPORATION
(Name of Registrant as Specified in Its Charter)
N/A
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
☒ | No fee required |
☐ | Fee paid previously with preliminary materials. |
☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
The following is a transcript of an interview of Canopy Growth CEO David Klein by Jim Cramer for CNBCs Mad Money, October 25, 2022.
Jim Cramer: Is the market finally showing some much-needed love to the down-and-out cannabis cohort? I gotta tell ya, for years the groups been absolutely awful, you know Ive been saying that. But earlier this month, the pot stocks blazed higher after the Biden administration announced a series of marijuana reform actions. Its not quite legalization, although its a step in the right direction. And that has made me positive on the group for the first time in years. Possibly more important, this morning we learned that Canopy Growth, the Canadian cannabis company that is controlled by Constellation Brands, has a new strategy to accelerate its expansion in the U.S. This is a complicated move, because there are a lot of legal considerations, corporate governance quirks. But its hugely positive, sent the stock up 27% today I dont think its done. So lets take a closer look with David Klein, hes the CEO of Canopy Growth Corp, to get a better sense of what this means. Mr. Klein, welcome back to Mad Money.
David Klein: Its great to be here, Jim.
Jim Cramer: Well, Ive gotta tell you, David, Ive been waiting for this. Ive been waiting for a cleanup of the structure, Ive been waiting for you to get out of brick-and-mortar in Canada which is just a loser, waiting for you to have the kind of arrangements like you have with Walmart. It is all coming together at the same time that the countrys looking for a little rationality in how its regulated. So tell me where you are now versus where you were just last year.
David Klein: Yeah, look, for me the exciting news that we brought today allows us to take our destiny into our own hands and to really drive to become that leading branded cannabis North American company that weve wanted to be. And we do that by merging our Acreage business, the Wana business, and our Jetty business into one entity that we call Canopy USA, so that we can take advantage of that $50 billion U.S.[1] market that has us so excited.
Jim Cramer: Well David, at the same time, you know I care passionately about your former company, Constellation, and you did a great job there. To me, youve ring-fenced Constellation. You get it so Constellation gets to take advantage of the good things that happen with this new entity, Canopy, and at the same time doesnt get knocked down by whatever losses you might have. Its a novel strategy, a ring-fence strategy. Are you sure itll work, because itll also mean that Constellations stock could go much higher.
David Klein: Yeah, look, we worked very closely with Constellation to develop this strategy, and we felt that the best way for us to take advantage of this big U.S. cannabis market was to allow Canopy the flexibility to be aggressive as we play this market in the ever-changing regulatory environment. And so, with this exchangeable share structure, Constellation feels like they have the comfort that they need in order to allow us to be more aggressive and executing our strategy. We think its a win for us. We think its a win for Constellation. And our other shareholders as well.
1 | Clarification: Represents projected dollar amount expected by 2026. |
Jim Cramer: I couldnt agree more. Now, lets talk about the nitty-gritty here. When it comes to states that are approving it, its a tidal wave. When it comes to the actual criminalization of cannabis, of this, you know, class 1 felony, it just makes it so you cant invest in the companies, you cant give the retailers cant take credit cards. When is it possible that this madness and I know it is so disorganized, the feds and the states fighting each other do you think it can end?
David Klein: So two-thirds of Americans already live in a state where cannabis is legal. The federal government needs to catch up. In the meantime, though, were not waiting. Thats what this structure helps us do a little bit, is that we can we can begin to take advantage of that U.S. market. And then, Jim, when we get regulatory reform, whether it be SAFE Banking or one of the bills in the House and the Senate that would provide for broader permissibility, we just win in any event. But were not waiting, which I think is going to be very beneficial to our shareholders.
Jim Cramer: And thats why I think that this Walmart deals brilliant. I think most people dont know its your deal, because youve got a lot of brands. Tell us about that, because I think that this is about profitability.
David Klein: Yeah, so when you think about our business, Jim, I want to talk about the components of our business, right. We said as a result of this deal, our entire global cannabis business will be adjusted EBITDA positive when were finished with this. Then we also have a couple of CPG businesses like our BioSteel brand, which has recently launched its sponsorship of the NHL. Its widely distributed across Canada, thats now coming to the U.S. and we have that distributed in many retail outlets in the U.S. including in Walmart.
Jim Cramer: Now one thing that I remember and you knew that GW Pharma went out for a huge amount of money. That was that was artificial, but they could dose it. You have the highest-quality flower. At one point do you think that doctors will understand that this, and not Oxy, is the way to go?
David Klein: Well, we keep seeing more and more research that suggests that there are all sorts of positive benefits to cannabis as a medical product. I think we need more ability to do research in the U.S., which Congress has worked on some legislation recently to allow that, but we need more ability to do research so that we can continue to prove it out. But every single thing that I look at from a research standpoint suggests its just a winner. We actually we actually need the U.S. government to give us more room, deschedule the substance so that we can do the kind of testing that would prove that point out.
Jim Cramer: Right, you know, right now its only the University of Mississippi its crazy, one place you can do it. Now, one thing I want to be sure, you know Ive been recommending I started recommending you as soon as President Biden said what he did, cause I didnt want to run afoul of the feds. But, my charitable trust has a substantial position in Constellation. I know the companies are now separate so you may not be able to speak as freely, but is it still possible that if everything hits, Constellation is and its all legal Constellation would be able to make Canopy Growth one of its brands?
David Klein: Sure, anythings possible. What I really rely on is that Constellation is going to remain a long-term investor in Canopy as a result of this exchangeable structure that were rolling out today. I think thats super positive, I take a lot of comfort in that. And who knows where this is all going to end, Jim, but I think the cannabis industry in general is waiting for a catalyst. Were going to be prepared when that catalyst finally hits.
Jim Cramer: Well, David, I gotta tell you, you and Judy Hong, long my favorite from Goldman, have figured out how to make this look like the great consumer packaged goods company that it always could be, now that you cleaned it up. I think its a very exciting story. And Ive not said that about a cannabis stock in many, many years. Congratulations on the clean-up and on this new deal. I think its really terrific, David, it really is.
David Klein: Thank you, Jim.
Jim Cramer: Thats David Klein, CEO of Canopy Growth. Guys, you heard it: I am recommending a cannabis stock. Mad Moneys back after the break.
***
Notice Regarding Forward-Looking Information
The above interview contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as plans, expects or does not expect, is expected, estimates, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or state that certain actions, events or results may, could, would, might or will be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth Corporation (Canopy or the Company) or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this interview. Examples of such statements and uncertainties include statements regarding the expected size of the U.S. cannabis market; expectations regarding legalization and regulation of cannabis in the U.S.; statements with respect to the Companys ability to execute on its strategy to accelerate the Companys entry into the U.S. cannabis industry, capitalize on the opportunity for growth in the U.S. cannabis sector and the anticipated benefits of such strategy, including the ability to generate revenues and cost synergies; statements regarding Canopy being adjusted EBITDA positive as a result of the deal; expectations regarding the potential success of, and the benefits associated with the formation of Canopy USA; and statements regarding Constellations status as an investor in the Company.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including the stock exchanges on which we are listed may disagree with our interpretations of their policies, including that financial
consolidation of Canopy USA may be permissible in the event that Canopy USA closes on the acquisition of Wana, Jetty or the Fixed Shares of Acreage; inherent uncertainty associated with projections; the diversion of management time on issues related to Canopy USA; expectations regarding future investment, growth and expansion of operations; the time required to prepare and mail meeting materials to Canopy and Acreage shareholders; the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court and shareholder approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the Floating Share Arrangement; risks related to the value of the Canopy common shares; regulatory and licensing risks; changes in general economic, business and political conditions, including changes in the financial and stock markets and the impacts of increased rates of inflation; legal and regulatory risks inherent in the cannabis industry, including the global regulatory landscape and enforcement related to cannabis, political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion and perception of the cannabis industry; and such other risks contained in the public filings of the Company filed with Canadian securities regulators and available under the Companys profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission through EDGAR at www.sec.gov/edgar, including the Companys annual report on Form 10-K for the year ended March 31, 2022 and the Companys preliminary proxy statement on Schedule 14A filed with the SEC on EDGAR and with the Canadian securities regulators on SEDAR on October 25, 2022.
In respect of the forward-looking statements and information, the Company has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements of Canopy in this interview are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Should one or more of the foregoing risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The forward-looking information and forward-looking statements from Canopy included in this interview are made as of the date of this interview and the Company does not undertake any obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Participants in the Solicitation
Canopy and its directors and executive officers may be deemed participants in the solicitation of proxies from Canopy shareholders with respect to the Amendment Proposal. A description of each of these persons interests in the Amendment Proposal is contained in the Companys preliminary proxy statement on Schedule 14A filed with the SEC on October 25, 2022 (as may be amended, the Preliminary Proxy Statement) and will be contained the Companys definitive proxy statement relating to the Amendment Proposal (the Definitive Proxy Statement) when it becomes available. The Preliminary Proxy Statement is (and the Definitive Proxy Statement
when it becomes available will be) available free of charge at the SECs website at www.sec.gov, or by directing a request to Canopy Growth Corporation, 1 Hershey Drive, Smiths Falls, Ontario, K7A 0A8 or by email to invest@canopygrowth.com. Investors should read the Preliminary Proxy Statement (and the Definitive Proxy Statement when it becomes available) because they will contain important information.
1 Year Canopy Growth Chart |
1 Month Canopy Growth Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions