Summary by Moomoo AI
Canopy Growth Corporation (Canopy) has announced a Special Meeting of shareholders to consider a special resolution authorizing an amendment to the company's Articles of Incorporation. The amendment proposes the creation of an unlimited number of non-voting, non-participating exchangeable shares and the restatement of the rights of the common shares to include a conversion feature. This meeting is scheduled for 2024, at 1:00 p.m. Toronto time, and will be held virtually. The exchangeable shares will not carry voting rights, dividends, or rights upon dissolution. The amendment follows Canopy's internal reorganization, which saw the transfer of its Structured U.S. Investments to Canopy USA, LLC, a new Delaware-formed holding company. This reorganization allows Canopy USA to expedite regulatory approvals for acquiring U.S. cannabis businesses that currently violate federal laws. The amendment aims to provide shareholders with the opportunity to assess their comfort with Canopy's exposure to the U.S. cannabis market. The Board unanimously recommends shareholders vote for the amendment, which requires a 66 2/3% affirmative vote to pass.