Canopy Growth Corp 8-K, filed Nov 26, 2024
Canopy Growth Corp (CGC)
About this 8-K
Canopy Growth Corp filed this 8-K on November 26, 2024.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State
or other jurisdiction of incorporation) |
(Commission
File Number) |
(IRS
Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
(
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of Luc Mongeau as Chief Executive Officer
On November 26, 2024, the board of directors (the “Board”) of Canopy Growth Corporation (the “Company”) appointed Luc Mongeau, a current member of the Board, to serve as Chief Executive Officer (“CEO”) of the Company (the “Appointment”), effective January 6, 2025 (the “Start Date”). Mr. Mongeau recused himself from the proceedings relating to his appointment. In connection with the Appointment, the Board has also removed Mr. Mongeau as a member of the CGCN Committee and appointed Willy Kruh, an independent director, to the CGCN Committee, effective immediately. Mr. Mongeau will remain a member of the Board.
As previously disclosed, on August 15, 2024, the Company entered into a Mutual Separation Agreement (the “Separation Agreement”) with David Klein, the Company’s current CEO, pursuant to which Mr. Klein will remain as CEO until the earlier of: (i) March 31, 2025, or (ii) the date that a new CEO commences employment. Mr. Klein will continue in his role as CEO and a member of the Board until the Start Date, at which time Mr. Klein will step down from the Board and will serve as Special Advisor to the Board until August 31, 2025. Mr. Klein’s stepping down from the Board will result in a vacancy on the Board, for which the Company is actively seeking candidates.
Mr. Mongeau, 58, served as a Board observer from early 2023 until he became a member of the Board in February 2024. Mr. Mongeau is a seasoned executive with over 25 years of experience spearheading multi-billion-dollar consumer goods companies throughout North America, including Weston Foods, Mars, and Mars Petcare. Since September 2022, Mr. Mongeau has been the CEO of eSolutions Furniture Inc. and was previously the President of Weston Foods Inc. from September 2017 to March 2022. Mr. Mongeau holds a Bachelor of Science from the Université de Sherbrooke and an MBA from the Ivey School of Business at Western University. He has also completed executive education at Harvard Business School.
There are no arrangements or understandings between Mr. Mongeau and any other person pursuant to which he was selected as Chief Executive Officer. Mr. Mongeau does not have any family relationships with any of the Company’s directors, executive officers, or other person nominated or chosen by the Company to become a director or executive officer. There are no transactions between Mr. Mongeau and the Company that would be required to be reported under Item 404(a) of Regulation S-K.
Employment Agreement with Luc Mongeau
In connection with the Appointment, on November 26, 2024, the Company and Mr. Mongeau entered into an employment agreement (the “Employment Agreement”). Pursuant to the Employment Agreement, as CEO, Mr. Mongeau will report to the Board and is entitled to a base salary of CAD$975,000 per year.
Mr. Mongeau is also eligible for a short-term annual incentive performance bonus of 100% of his base salary (the “Target Amount”), with a payout range of up to two times the Target Amount based upon the achievement of certain mutually developed financial, operational, strategic and individual performance objectives approved by the Board.
Mr. Mongeau is also entitled to participate in the Company’s Amended and Restated Omnibus Incentive Plan (the “Incentive Plan”). Pursuant to the Employment Agreement, Mr. Mongeau is eligible to receive, at least once every fiscal year, a long-term award grant equal to 300% of base salary, which may be comprised of stock options (“Options”) and restricted stock units (“RSUs”), and/or any other form of equity authorized by the Incentive Plan.
In connection with the Appointment and pursuant to the Employment Agreement, Mr. Mongeau will be provided with a one-time equity award grant (the “Equity Award”) in the form of 50,000 RSUs and Options to purchase 225,000 common shares of the Company. The Equity Award will be granted on the earliest permitted date following the Start Date, will have a three-year term and will vest in three equal installments on the first, second and third anniversaries of the grant date.
The Company may terminate the Employment Agreement at any time for reasons other than just cause or willful misconduct by providing (a) the greater of (i) 18 months’ notice or payment of base salary (plus applicable vacation pay calculated based on maximum ESA (as defined below) vacation pay entitlement) in lieu of such notice and (ii) the minimum amount of notice or pay in lieu of notice together with any applicable statutory severance (together with applicable vacation pay) in accordance with and limited to the provisions of the Employment Standards Act, 2000 (Ontario) (the “ESA”); (b) 1.5 times the average actual amounts paid as a short-term annual incentive performance bonus during the prior two years; (c) the continuation of benefits for a period of two years from the date of termination; and (d) any statutory severance pay that may be required pursuant to the ESA. As a condition to receiving any payments which exceed the statutory entitlements upon termination without cause, Mr. Mongeau will be required to, among other things, execute a release in favor of the Company. The Company may also terminate Mr. Mongeau’s employment with cause, without notice or severance, in accordance with and limited to the provisions of the ESA.
The Employment Agreement contains certain non-competition and non-solicitation provisions in favor of the Company for a period of 18 months following the termination of the Employment Agreement.
The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K (this “Current Report”).
| Item 7.01 | Regulation FD Disclosure. |
On November 26, 2024, the Company issued a press release titled “Canopy Growth Announces Mr. Luc Mongeau as the Company’s Next CEO”, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information set forth and incorporated by reference in Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information set forth and incorporated by reference in Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Employment Agreement, effective as of November 26, 2024, between Canopy Growth Corporation and Luc Mongeau. | |
| 99.1 | Press Release, dated November 26, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CANOPY GROWTH CORPORATION | ||
| By: | /s/ Judy Hong | |
| Judy Hong | ||
| Chief Financial Officer | ||
Date: November 26, 2024
Exhibit 10.1
EXECUTIVE EMPLOYMENT AGREEMENT
B E T W E E N:
Luc Mongeau
(“Employee”)
Canopy Growth Corporation
(“Company”)
1 Hershey Drive
Smiths Falls, ON K7A 0A8
1. Duties and Responsibilities
In consideration of your acceptance of the terms of this employment agreement (the “Agreement”), the Company hereby appoints you to the position of Chief Executive Officer of Canopy Growth Corporation (the “Company”), reporting to the Company’s Board of Directors (the “Board”).
As Chief Executive Officer, you will report to and comply with the directions of the Company’s Board of Directors. Your primary duties are set out in the job description attached to this agreement as Appendix “A”. You agree to perform the duties of your position diligently and to the best of your ability. We may need to make reasonable changes to these duties as necessary to achieve our organizational objectives and you agree to accept those changes provided that reasonable notice of those changes is provided to you in advance.
2. Conditional Offer
This offer of employment is conditional upon completion, to the Company’s satisfaction, of the following background checks:
| · | Employee’s agreement to permit a Multi-factor authenticator (MFA) to be placed on their personal cell phone in order to permit access to the Company’s systems and emails. Note that MFA authenticators simply help to protect the privacy of Company’s systems and do not collect Employee personal information. The Authenticator application confirms the MFA codes; and |
| · | Completion, to the Company’s satisfaction, of a Criminal Background Check |
You agree to sign and return any forms or consent and take any steps necessary for the Company to conduct the above-noted background checks as required by the Company. You also agree that the Company may use the services of a third-party background checking firm to conduct some or all of these background checks, and that the Company may provide your personal information, including any forms and consents, to the background checking firm for this purpose. You also agree that this offer of employment is conditional upon the Company being satisfied, in its sole discretion, with the results of the background checks. If the Company is not satisfied, we regret that you will not become an employee of the Company. You agree that in the event that you do not become an employee of the Company, you will have no claims against the Company arising out of the Company’s decision or the checks referenced herein.
1
You also understand and agree that the Company’s licenses under the Federal Cannabis Act and Regulations (together, the “Cannabis Act”) require the Company’s officers to satisfy the requirements of a security clearance. Therefore, you must immediately apply for a security clearance pursuant to the Cannabis Act. You agree that in the event you fail to successfully obtain a security clearance as required by the Minister of Health under the requirements of the Cannabis Act (or your security clearance is revoked at any time), your lack of a security clearance will constitute frustration of contract, and this agreement will terminate at law, with no further obligations owed to you by the Company under this Agreement other than as minimally required under the Employment Standards Act, 2000 (Ontario) and the regulations thereto, as amended from time to time (the “ESA”).
3. Full Time and Attention
To enable you to meet the demands of your position, we require your full attention. Accordingly, while you are employed with us, you must, subject to the exceptions enumerated in this Agreement, devote yourself exclusively to the business of the Company.
You agree that you will not engage in any other business activity or employment, including sitting on any board of directors, governors, or trustees (whether the organization is operated for profit or not) during your employment, without the Company’s prior written approval. The Company agrees not to withhold such approval unreasonably.
4. Effective Date
The Term and terms of this Agreement shall commence effective as of January 6, 2025 (the “Effective Date”), conditional upon you having first signed this Agreement and satisfied the conditions set out above.
5. Location of Work
You will be working primarily in the province of Ontario, although you may be required, on one or more occasions, to travel to other Company facilities located throughout Canada. The Company has implemented a “remote-first approach” to office work, to support its employees’ proven agility to work remotely and to provide continued flexibility around where work gets done. While you will be permitted to work remotely pursuant to any Company Remote Work Policy as implemented or amended from time to time, in order to support continued employee connections and collaboration, it is understood that you may be required to attend the Company’s office space from time to time for employee-engagement activities. You also agree that you will not change your province of employment without prior written approval by the Company. Please note that the Company will continue to evaluate this approach over time and may adjust it as needed in its sole discretion, and any changes to this approach will not constitute constructive dismissal. In the event that travel outside of Canada is required as part of your duties, you agree to maintain a valid passport and to take all other steps which may be required from time to time in order to travel without impediment.
2
No amount paid by the Company shall be construed as, nor shall be reported by you as, rent for the use of space within your home or alternate work location. No space within your home or alternate work location should be used to conduct in-person customer, vendor or co-worker meetings, nor should such space be held out by either Company or you to be an office of Company, or any of the Company’s affiliates. Furthermore, neither the address of your home, or alternative work location, nor any telephone or facsimile number associated with such address(es) shall be: displayed on any Company or Company affiliates business card; displayed on any Company or Company affiliates letterhead, advertising or signage; listed in any directory or website; displayed on or listed in any similar medium; and/or otherwise associated with Company or Company affiliates.
Personal residences are not to be used as team-retreat destinations.
6. Policies
It will be a condition of your employment with the Company that you adhere to all Company rules and policies to which you have received copies or have the ability to access on the Company’s intranet. The Company reserves the right to revise, revoke, or introduce new rules and policies, as the Company may deem necessary from time to time, and you will also be required to abide by any changes in the rules and policies, once they come into effect.
7. Compensation and Benefits
(a) Base Salary
You will be paid a Base Salary of nine hundred and seventy-five thousand Canadian dollars (CAD $975,000.00) per year, subject to all statutory and other authorized deductions. Subject at all times to the approval of the Board, the Base Salary shall be reviewed annually. All dollar amounts when expressed are expressed as either CAD$ which are Canadian dollars or US$ which are U.S. dollars.
(b) Short Term Incentive
In addition to your Base Salary, you are eligible for an annual short-term incentive (“STI”) performance bonus of 100% of your earned and received Base Salary (the “Target Award”), with a payout range of 0-2x the Target Award based on the achievement of certain mutually developed financial/operational/strategic and individual performance objectives which have been approved by the Board.
For Fiscal Year 2025, your on-target STI amount will be pro-rated from your start date through the end of the fiscal year. In the event your start date occurs within the 4th quarter of the fiscal year, you will remain eligible for the pro-rated accrual.
3
You understand and agree that: (i) terms and conditions of the STI may change from time to time at the discretion of the Company, and any such changes will not constitute constructive dismissal; (ii) the amount of the STI, if any, that you may be eligible to earn, may change from time to time; (iii) any corporate or individual performance metrics are anticipated to change from year to year; (iv) in the event of your resignation or the equivalent of a termination for cause, as defined below, under the ESA you will be deemed to have not earned an STI bonus, since STIs are intended to reward active employees who are continuing to add value to the Company, and you will therefore not be eligible to receive any portion thereof; and (v) in the event of termination of your employment for any other lawful reason, you will only be entitled to any earned STI on a pro-rata basis to the end of your statutory notice period under the ESA, and you will not be entitled to a bonus through any common law notice period, or damages in lieu of the opportunity to earn an STI.
(c) Long Term Incentive
You will be eligible to participate in Canopy Growth’s Amended and Restated Omnibus Incentive Plan, as approved by the Board and as amended from time to time (the “Incentive Plan”).
At the discretion of the Board, you will be eligible to receive an annual long-term incentive (“LTI”) award of 300% your Base Salary, which utilizes the Fair Market Value share price (as defined in the Incentive Plan) (“FMV price”) on the grant date. The award may be composed of one or more of the following: stock options (“Options”), restricted stock units (“RSUs”), performance share units ("PSUs"), and/or other form of equity authorized by the Incentive Plan. The ratio of the various forms of equity (meaning the percentage of the award provided as, for example, Options versus RSUs) shall be in the complete discretion of the Board and may vary from award to award.
All such awards shall vest in accordance with the terms of the Incentive Plan unless modified by either: (a) the terms of this Agreement; or (b) the terms of the individual award. A copy of the Incentive Plan is attached to this Agreement, and you confirm that you have had the opportunity to review it prior to the signing of this Agreement. Note that notwithstanding any terms and conditions of the Incentive Plan, all vesting rights continue through to the end of your statutory notice period under the ESA, but all other terms and conditions of the Incentive Plan remain in full force and effect. Further, it is understood and agreed that: (i) there is no vesting of options during any common law or other notice period in excess of the ESA notice period; and (ii) there is no entitlement to damages in lieu of the opportunity to vest options during any non-statutory notice period.
(d) New Hire One-Time Equity Grant
Upon your hire, you will be provided with a one-time equity award grant (the “Equity Award”).
The Equity Award will be issued in the form of:
| 1. | 50,000 RSUs. |
| 2. | Options to purchase 225,000 shares, which will have a strike price equal to the Fair Market Value share price (as defined in the Omnibus Equity Incentive Plan) (“FMV price”) on the grant date. |
4
This award shall vest in equal tranches of RSU’s and Options, reflective of 1/3 (33%) annually, on the three annual anniversaries of the grant date. The grant date will be the date the Board approves the grant, which will occur during the Company’s next open trading window.
At all times, the Grant will be subject to the terms and conditions of the Omnibus Equity Incentive Plan.
(e) Extended Health Benefits
You shall be entitled to apply for the health and insurance benefits offered to the Company’s Canadian executive employees. The Company reserves the right to amend any such insured benefit plans and/or change insured benefit carriers at any time upon providing notice of same in accordance with and limited to the provisions of the ESA. All decisions with respect to benefits entitlement are at the sole discretion of the third-party provider(s). You acknowledge and agree that any disagreement or claim you may have with respect to benefit entitlement shall be resolved solely with the third-party provider(s) and you shall have no claim against the Company.
(f) Vacation Entitlement
Subject to the requirements of the ESA, you will be entitled to five (5) weeks’ paid vacation time per vacation entitlement year. All such vacation time is to be scheduled in accordance with business requirements and is subject to the terms of the Company’s Canadian Vacation & Holiday Policy, as amended from time to time.
Any vacation time that you take in any given year shall count first towards your statutory entitlement and then towards any additional vacation time to which you are entitled pursuant to the terms of this Agreement. You agree in executing this Agreement, that you will be paid vacation pay on a salary continuance basis through your vacation time. Subject to the requirements of the ESA, you may carry-over a maximum of ten (10) days of vacation time with the approval of the Board.
You agree that if you have received vacation pay before it is earned, then the Company may deduct the applicable amount from any payments owing to you when your employment ends and that you will execute any required consents to effect same.
(g) Share Ownership
You agree to adhere to and abide by the Company’s Share Ownership Policy, as the same may be approved and amended on one or more occasions by the Board of Directors or any committee to which the Board may delegate authority for such policy.
You agree that, within three years of your start date, and thereafter throughout your employment and for one year post the ending of your employment, you shall maintain ownership of a minimum of five times the Base Salary in the Company’s equity, which may include RSU ownership, but not stock options and performance share units
5
(h) Car Allowance
Employee will be provided with a car allowance in the amount of eighteen hundred and seventy -five dollars ($1,875.00 CAD$) per month, subject to CRA guidelines as a taxable benefit. Employee will be covered for all reasonable business expenses as outlined in the Corporate Vehicle Allowance Policy to be established.
8. End of Employment
Your employment may cease under any of the following four (4) circumstances. These termination provisions will apply throughout your employment with the Company regardless of any changes to your salary, benefits, position title, or job.
Notwithstanding anything in this Agreement, the Company guarantees that you will at all times receive your minimum entitlements under the ESA.
You specifically acknowledge that by entering into this Agreement you are hereby forfeiting your right to claim common law notice of termination, which may be greater than the amount of notice required to be provided to you pursuant to the provisions of this Agreement.
(a) Your Resignation or Retirement
In the event of your voluntary resignation, retirement, or other planned departure, you agree to participate in a structured transition and advisory period, effective upon notice of termination. During the transition period, which will not exceed six (6) months, you shall maintain Chief Executive Officer duties while actively supporting the identification, onboarding, and integration of a successor, as directed by the Board. In exchange, you will continue to receive your base salary as well as a pro-rata performance-based incentive (STI award).
At the Company’s sole option, Company may waive the obligation for you to work in active employment during the period following the tendering of such notice of resignation. If the Company elects to exercise its option to waive the obligation to work during the notice of resignation period, then you agree to be placed on garden leave without advancing the argument of constructive dismissal and you will be provided with all of your regular base salary together with a pro-rata performance-based incentive award (STI Award) to the end of the notice of resignation period.
6
(b) Termination by the Company Without Just Cause
If the Company elects to terminate your employment for reasons other than Cause, as defined below, then it may do so, for any reason not prohibited by statute, by providing you with all of, but no more than, the following:
(A) The greater of:
| i. | Eighteen (18) months’ notice or payment of base salary (plus applicable vacation pay calculated based on your maximum ESA vacation pay entitlement) in lieu of such notice, which amount is inclusive of and not in addition to your entitlement to statutory notice and any applicable statutory severance pursuant to the ESA; or |
| ii. | the minimum amount of notice or pay in lieu of notice together with any applicable statutory severance (together with applicable vacation pay) in accordance with and limited to the provisions of the ESA; |
| (B) | one and a half times the average actual amounts paid to you as STI during the prior two years; |
| (C) | the continuation of any statutorily prescribed benefits for the minimum amount of time prescribed by the provisions of the ESA; and |
| (D) | any other minimum statutory requirements not aforementioned, calculated to the end of your minimum ESA notice period. |
You understand and agree that as a condition of receiving any payments pursuant to the above paragraph that exceed the statutory entitlements provided by the ESA, you shall be required to: (a) execute a release in favour of the Company, (b) immediately execute written resignations from any position as officer or director of the Company or any of its subsidiaries and affiliates, (c) immediately return all Company property, as well as (d) immediately comply with section 7 of the Intellectual Property and Confidential Information Agreement. You also understand and agree that you shall be obligated to use all reasonable efforts to mitigate any and all damages suffered as a result of your termination of employment, with all remuneration received as a result of such mitigation forming a credit to those payments that are due by the Company to you pursuant to paragraph 8(b)(i) which are in excess of the statutory entitlements provided by the ESA.
Any incentive compensation owing to you will be calculated and paid out in the usual manner and at the usual time in accordance with the terms of the applicable plan/program then in effect, but subject to the terms and conditions of the applicable plan on termination or resignation of employment. Note that notwithstanding any terms and conditions of the Incentive Plan, any rights to incentive compensation will continue through to the end of your statutory minimum notice period under the ESA, but all other terms and conditions of the applicable plan/program remain in full force and effect. Any base salary paid to you under this paragraph 8(b)(A)(i) will be paid on a lump sum or salary continuance basis, at the sole discretion of the Company, provided however that any portion of same which constitutes statutory severance will be paid on a lump sum basis.
7
These termination provisions will apply throughout your employment with the Company regardless of any changes to your salary, benefits, position title, or job responsibilities.
(c) Termination by the Company For Cause
The Company may terminate your employment without notice or severance in the event of wilful misconduct, disobedience or wilful neglect of duty that is not trivial and has not been condoned by the Company (or such other causal definition as may be included under the ESA), (altogether, “Cause”) in accordance with and limited to the provisions of the ESA.
(d) Termination for “Good Reason”
This Agreement and your employment hereunder may also be terminated by your resignation for Good Reason in which case you shall be entitled to the benefits set forth in Section 8(b).
“Good Reason” means any one of the following events which occurs without your express or implied agreement:
| a) | A change in your position which would remove you as one of the Company’s named executive officers; or |
| b) | A material reduction (of 10% or more) by the Company of your salary, benefits (but not including a decision by the Company to change benefits providers or amend its benefits plan for all executive team employees) or any other form of remuneration (altogether “Compensation”), but not including a reduction or material reduction in your Compensation in a situation where all executive team members are asked to take a Compensation reduction due to financial constraints on the Company; or |
| c) | The Company conditions your continued service with the Company on the relocation of your principal work location to anywhere outside of Ontario. |
9. Protection of Business Interests
Like most organizations, the Company must protect itself from unfair competition. You are therefore required to execute, as a part of this Agreement, a detailed Intellectual Property and Confidentiality Agreement, attached as Schedule “A”.
Nothing contained in this Agreement limits your ability to provide information to the Ontario Securities Commission, a recognized self-regulatory organization or a law enforcement agency about an act of the Company, or person acting on behalf of the person or company, that has occurred, is ongoing or is about to occur, and that you reasonably believe is contrary to securities law or a by-law or other regulatory instrument of a recognized self-regulatory organization.
8
Nothing contained in this Agreement limits your ability to cooperate with, testify at or otherwise assist or expressing an intention to cooperate, testify or otherwise assist in, (i) an investigation by the Ontario Securities Commission, a recognized self-regulatory organization or a law enforcement agency, or (ii) a proceeding of the Ontario Securities Commission or a recognized self-regulatory organization, or a judicial proceeding.
(a) Non-Solicitation
In recognition of the access, you will have to our processes, employees and clients, you agree that during your employment and for a period of eighteen (18) months after such employment ends, you will not, either directly or indirectly, communicate with the Company’s employees, clients, or customers for the purpose of inducing them to end their relationship with the Company.
(b) Non-Competition
In light of the nature of your position and the close relationship you will have with our clients, it is important for us to limit interference with our business. Therefore, during your employment and for eighteen (18) months thereafter, you will not, whether on your own behalf or on behalf of any other person, corporation, or organization, whether or not such organization is operated for profit, work at, work for, be employed by, provide services to, engage with, or assist in any way, whether or not for remuneration, recognition, or reward any person, corporation, or organization, whether or not such organization is operated for profit, that sells or intends to sell cannabis, including hemp, and/or provides cannabis-related services or products, in any jurisdiction in which the Company or its subsidiaries has operations.
It is not our intention to unduly restrict your employment prospects. Accordingly, the Company may agree to waive this provision if we are able to establish appropriate safeguards to minimize the impact any proposed employment with a competitor will have on the Company’s business interests. Any such waiver must be in writing and signed by an authorized representative of the Company.
10. General
This Agreement, and any attachments hereto, constitutes our entire employment agreement and supersedes any previous written or verbal agreements between us. If any term of this Agreement is found to be invalid or unenforceable, in whole or in part, the validity or enforceability of any other provision will not be affected.
You confirm that your employment with us does not violate any agreement or understanding to which you are currently bound including any existing non-competition, non-solicitation or confidentiality agreements. You further agree to indemnify and save harmless the Company against all losses, costs, damages, expenses, penalties, fines and other amounts for which it may be found liable at law with respect to your breach of any such agreement.
This Agreement will continue to govern our employment relationship regardless of any changes to your employment including, but not limited to, changes to your position, location of employment, hours of work, compensation or benefits.
9
Any modifications to this Agreement must be in writing and signed by both of us. No waiver of a breach of any term of this agreement is binding unless it is in writing and signed by the party waiving it. Unless otherwise specified, the waiver will be limited to the specific breach waived.
In the event that any provision or part of this Agreement is deemed void or invalid by a court of competent jurisdiction, the remaining provisions or parts shall be and remain in full force and effect.
This agreement is governed by the laws of the province of Ontario.
The Company is committed to the success of its employees. If you require accommodation for any ground under the Human Rights Code (Ontario), including disability, please contact Human Resources at your earliest convenience.
11. Execution
So agreed:
| David Lazzarato | November 26th, 2024 | |
| Board Member | Dated | |
| Canopy Growth Corporation | ||
I have had sufficient time to review this Agreement and have been advised to review it with a lawyer. If I did not do so, it is because I understood the terms of the Company’s offer and did not feel that I needed legal advice. I understand and accept the terms of this agreement and am signing it voluntarily.
Accepted this 26th day of November, 2024.
| Luc Mongeau | |
| Luc Mongeau |
10
APPENDIX “A”
JOB DESCRIPTION: Chief Executive Officer
Responsibilities
The Chief Executive Officer (CEO) of Canopy Growth Corporation will report to and comply with the direction of the Board of Directors of the Company. The CEO will be responsible for creating, communicating, and implementing the organization’s vision, mission, and overall strategy. The CEO will lead all functions of the organization through the management of Canopy’s executive team, providing leadership for all aspects of the company’s operations with an emphasis on the establishment, growth and profitability of the organization inclusive of any future M&A.
While working closely with the organization’s executive leadership team and Board of Directors, the CEO will drive towards innovation and growth to ensure that Canopy is well positioned to advance its transformative mission in the global cannabis market. Combining inspirational leadership and agile management abilities, the CEO of Canopy will play a pivotal role in advancing the organization in terms of culture, capability, processes, and impact.
The CEO, while respecting the independent nature of the Canopy USA, will serve as the Chairman of the Board of Managers for Canopy USA and is responsible for supporting the company in capturing synergies, driving growth and improving upon their profitability.
Additional Responsibilities include:
| · | Shape global strategic plans: Develop and execute the company’s strategy with the appropriate scale and pace while retaining the companies’ values and entrepreneurial culture. Targeting the best markets and products for sustainable customer satisfaction with the appropriate sales and earnings growth. |
| · | Develop a world-class supply chain: Define and execute the supply chain strategy, aligning people / process / systems that will optimize output while maintaining high levels of efficiency across product development, manufacturing / production, quality control and logistics. |
| · | Deliver consistently: Produce results based on agreed upon targets and timetable in a rapidly evolving industry. |
| · | Build best in class product portfolios: Continue to innovate and develop new products to fulfill consumers across various channels including medical and recreational. |
| · | Embraces social responsibility: Ensure that Canopy is adhering to all regulatory requirements and is viewed as a leader in quality products and safety around the world. The CEO will be the catalyst to ensure Canopy is on the forefront of the rapidly evolving regulatory landscape. |
| · | Cultivate high-performing cross-functional teams: Lead the executive team in setting and executing strategic, financial and operational initiatives to drive sustainable growth and profitability. Foster a high performing culture in an entrepreneurial and fast paced environment that operates with discipline and trust among leaders. |
| · | Grow the business: Identify emerging market trends and opportunities for expansion, diversification and innovation. Identify and realize synergies across Canopy Growth and the Canopy USA ecosystem to ensure organizational efficiency and enable growth. |
| · | Other: Such other powers and duties as the Board of Directors may specify from time-to-time. |
APPENDIX “B”
Termination Certificate
| To: | Canopy Growth Corporation (the “Company”) | |
| Re: | Intellectual Property and Confidential Information Agreement (the “Agreement”) between the Company and the undersigned employee. | |
This is to certify that I do not have in my possession, nor have I failed to return, nor have a transferred to any third party, any confidential or proprietary information belonging to the Company, its subsidiaries, affiliates, successors, assigns, clients, customers or stakeholders, including without limitation, devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items. I further certify that I have complied with all the terms of the Agreement signed by me, including the reporting of any Developments, inventions and original works of authorship (as defined therein), conceived or made by me (solely or jointly with others) covered by that Agreement.
I further agree that, in compliance with the Agreement, I will preserve as confidential all trade secrets, confidential knowledge, data or other proprietary information relating to products, processes, know-how, designs, formulas, developmental or experimental work, other original works of authorship, customer lists, business plans, financial information or other subject matter pertaining to any business of the Company or any of its clients, customers or stakeholders.
EXAMPLE ONLY. DO NOT SIGN
SCHEDULE “A”
INTELLECTUAL PROPERTY AND CONFIDENTIAL INFORMATION AGREEMENT
This Intellectual Property and Confidential Information Agreement (the “Agreement”) is entered into between Canopy Growth Corporation (the “Company”) and Luc Mongeau (the “Employee”).
WHEREAS the Company is offering the Employee employment and has an interest in protecting its confidential information and other proprietary information and related rights;
AND WHEREAS the Employee recognizes the importance of protecting the Company’s confidential information and other proprietary information and related rights is a fundamental term of the Employee’s employment;
NOW THEREFORE, in consideration of the Company hiring, promoting or continuing to employ the Employee and/or for other good and valuable consideration (the receipt and sufficiency of which are set out in the Employee’s employment agreement and which are hereby acknowledged by the parties), the Employee and the Company hereby agree as follows:
1. Definitions
“Confidential Information” means all of the materials and information (whether or not reduced to writing and whether or not patentable or protected by copyright) provided by the Company to the Employee, or which is available to the Employee during the course of the Employee’s employment, including, without limitation the following:
| · | information regarding the Company’s business operations, Developments (as defined below), methods and practices, recruiting and training policies, including marketing strategies, product plans (including unannounced products), product pricing, margins, hourly rates, per diems and information regarding the financial affairs of the Company; |
| · | customer lists, quotations or proposals given to customers, requirements of specific customers, and the names of the suppliers to the Company and the nature of the Company’s relationships with these clients and suppliers; |
| · | information regarding the business operations, methods and practices, including marketing strategies, product plans (including unannounced products), product pricing, margins, hourly rates and financial affairs of the Company’s stakeholders; |
| · | technical and business information of or regarding the clients, customers or stakeholders of the Company, obtained in order to enable or assist the Company in providing such clients, customers or stakeholders with products and services, including information regarding the business operations, methods and practices and product plans of such clients, customers or stakeholders; |
| · | any other trade secret or confidential or proprietary information received by the Company from third parties and in the possession or control of the Company; and |
| · | any other materials or information related to the Company’s business which are not generally known to others, regardless of whether such information is in paper or electronic format or any other format; |
provided that, Confidential Information shall not include information which:
| a) | is generally known or in the public domain at the time of disclosure; |
| b) | though originally Confidential Information becomes generally available to the public through no fault of the Employee, as of the date of its becoming part of the public knowledge; or |
| c) | is required to be disclosed by any law, regulation, governmental body, or authority or by court Order provided that before disclosure is made, notice of the requirement is provided to the Company, and to the extent possible in the circumstances, the Company is afforded an opportunity to dispute the requirement. |
The absence of any notice indicating confidentiality on any material will not imply that same is not Confidential Information.
“Developments” include, without limitation any methods, processes, procedures, systems, inventions (whether patentable or not), devices, discoveries, concepts, know-how, data, databases, technology, products, software (in executable and source code formats), templates, documentation, specifications, compilations, designs, reports, trade-marks, and any enhancements, modifications, or additions to the foregoing or to any products owned, marketed or used by the Company which relate, directly or indirectly, to the Company’s present or reasonably foreseeable business and which are developed, created, generated or reduced to practice by the Employee, alone or jointly with others, during the Employee’s employment, whether during or after working hours and whether or not resulting from the use of the premises or property of the Company.
2. Non-Disclosure of Confidential Information
At all times during and subsequent to the termination of the Employee’s employment, the Employee shall keep in strictest confidence and trust the Confidential Information, the Employee shall take all necessary precautions against unauthorized disclosure of the Confidential Information, and the Employee shall not directly or indirectly disclose, allow access to, transmit or transfer the Confidential Information to a third party, nor shall the Employee copy or reproduce the Confidential Information except as may be reasonably required for the Employee to perform the Employee’s duties for the Company.
Nothing contained in this Agreement limits your ability to provide information to the Ontario Securities Commission, a recognized self-regulatory organization or a law enforcement agency about an act of the Company, or person acting on behalf of the person or company, that has occurred, is ongoing or is about to occur, and that you reasonably believe is contrary to securities law or a by-law or other regulatory instrument of a recognized self-regulatory organization.
Nothing contained in this Agreement limits your ability to cooperate with, testify at or otherwise assist or expressing an intention to cooperate, testify or otherwise assist in, (i) an investigation by the Ontario Securities Commission, a recognized self-regulatory organization or a law enforcement agency, or (ii) a proceeding of the Ontario Securities Commission or a recognized self-regulatory organization, or a judicial proceeding.
3. Restricted Use of Confidential Information
At all times during and subsequent to the termination or cessation of the Employee’s employment, the Employee shall not use the Confidential Information in any manner except as reasonably required for the Employee to perform the Employee’s duties for the Company.
Upon the request of the Company and in any event upon the termination or cessation of the Employee’s employment, the Employee shall immediately return to the Company all materials, including all copies in whatever form, containing the Confidential Information which are in the Employee’s possession or under the Employee’s control.
4. Ownership of Confidential Information and Developments
The Employee acknowledges and agrees that the Employee shall not acquire any right, title or interest in or to the Confidential Information.
The Employee agrees to make full disclosure to the Company of each Development promptly after its creation.
With the sole exception of any intellectual property owned by (and not merely licensed to) the Employee prior to the making of this Agreement, which is also enumerated by the Employee in a written from as attached at Exhibit A, prior to the execution of this Agreement, the Employee hereby assigns and transfers to the Company, and agrees that the Company shall be the exclusive owner of, all of the Employee’s right, title and interest to each Development and any enhancement, modification, or addition to any of the intellectual property enumerated by the Employee or any of the intellectual property that is marketed or used by the Company which relate, directly or indirectly, to the Company’s present or reasonably foreseeable business and which are developed, created, generated or reduced to practice by the Employee, alone or jointly with others, during the Employee’s employment, whether during or after working hours and whether or not resulting from the use of the premises or property of the Company, throughout the world, including all trade secrets, patent rights, copyrights and all other intellectual property rights therein.
The Employee further agrees to cooperate fully at all times during and subsequent to the Employee’s employment with respect to signing further documents and doing such acts and other things reasonably requested by the Company to confirm such transfer of ownership of rights, including intellectual property rights, effective at or after the time the Development is created and to obtain patents or copyrights or the like covering the Developments. The Employee agrees that the Company, its assignees and their licensees are not required to designate the Employee as the author of any Developments. The Employee agrees that the obligations in this subparagraph shall continue beyond the termination of the Employee’s employment with respect to Developments created during the Employee’s employment.
The Employee acknowledges that the Company shall alone have the right to apply for, prosecute, defend and obtain Letters Patent of invention, copyright registration, industrial design registration in any and all counties of the world with respect to any such invention, discovery, development or improvement, copyright material or industrial design created.
The expense of applying for and obtaining the Letters Patent, copyright registration and industrial design registration referred to in this Agreement shall be borne entirely by the Company.
It is agreed that the Company shall not be entitled to those inventions, discoveries, developments and improvements made by the Employee prior to the time the Employee was engaged in employment by the Company; it being understood and agreed that the inventions, discoveries, developments and improvements disclosed by the Employee to the Company constitutes the whole of the inventions, discoveries, developments and improvements made by the Employee, and the Employee hereby acknowledges that there are no inventions, discoveries, developments and improvements made prior to the employment of the Employee by the Company and which are the property of the Employee other than those that are so disclosed.
The Employee hereby grants a power of attorney to the Company to have the Company execute on the Employee’s behalf all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to the Company and its successors, assigns and nominees sole and exclusive rights, title and interest in and to such Developments, and any copyrights, patents, trade-marks, industrial designs (design patents), topographies (mask work rights) or other intellectual property rights relating thereto.
The Employee hereby waives in whole all moral rights which the Employee may have in the Developments, including the right to the integrity of the Developments, the right to be associated with the Developments, the right to restrain or claim damages for any distortion, mutilation or other modification of the Developments, and the right to restrain use or reproduction of the Developments in any context and in connection with any product, service, cause or institution. The Employee will confirm any such waiver from time to time as requested by the Company.
5. No Conflicting Obligations
The Employee acknowledges and represents to the Company that the Employee’s performance during the period of the Employee’s employment shall not breach any agreement or other obligation to keep confidential the proprietary information of any prior employer or client of the Employee or any other third party. The Employee further acknowledges and represents that the Employee is not bound by any agreement or obligation with any third party that conflicts with any of the Employee’s obligations under this Agreement.
The Employee represents and agrees that the Employee will not bring to the Company and shall not use in the performance of the Employee’s work with the Company, any trade secrets, confidential information and other proprietary information of any prior employer or client of the Employee or any other third party. The Employee represents and agrees that in the Employee’s work creating Developments the Employee will not knowingly infringe the intellectual property rights, including copyright, of any third party.
6. Enforcement
The Employee acknowledges and agrees that damages may not be an adequate remedy to compensate the Company for any breach of the Employee’s obligations contained in this Agreement, and accordingly the Employee agrees that in addition to any and all other remedies available to it, the Company shall be entitled to seek relief by way of a temporary or permanent injunction to enforce the obligations contained in this Agreement. Such relief shall be in addition to and not in lieu of any other remedies available the Company at law or in equity.
7. Returning the Company Documents
The Employee agrees that upon the termination of the Employee’s employment the Employee will deliver to the Company (and will not keep in the Employee’s possession or deliver to anyone else) any and all Confidential Information and proprietary information including, without limitation, devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items belonging to the Company, together with any third party information received by the Employee. In the event of the termination of the Employee’s employment, the Employee agrees to sign and deliver to the Company the “Termination Certificate” attached hereto as Appendix “B”. Notwithstanding the foregoing, the Employee shall be entitled to keep personal copies of (i) the Employee’s compensation records, (ii) this Agreement, and (iii) the Employee’s letter of offer.
8. General
This Agreement shall be governed by and construed in accordance with the laws in force in the Province of Ontario and any laws of Canada applicable thereto.
If any provision of this Agreement is wholly or partially unenforceable for any reason, such unenforceable provision or part thereof shall be deemed to be omitted from this Agreement without in any way invalidating or impairing the other provisions of this Agreement.
The obligations herein may not be changed or modified, released or terminated, in whole or in part, except in writing signed by the Chair of the Board of Directors of the Company and the Employee.
This Agreement supersedes all previous agreements, if any, between the Company and the Employee with respect to the subject matter of this Agreement. The Employee agrees, however, that this Agreement does not purport to set forth all of the terms and conditions of the Employee’s employment and the Employee has other obligations to the Company that are not set forth in this Agreement.
The rights and obligations under this Agreement shall survive the termination of the Employee’s employment and shall enure to the benefit of and shall be binding upon (i) the Employee’s heirs and personal representatives; (ii) the successors and assigns of the Employee; and (iii) the successors and assigns of the Company.
THE EMPLOYEE HAS READ THIS AGREEMENT, UNDERSTANDS IT AND HAS HAD THE OPPORTUNITY TO OBTAIN INDEPENDENT LEGAL ADVICE IN RESPECT OF IT, AND AGREES TO ITS TERMS.
The Employee acknowledges having received a fully executed copy of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto as of the 26th day of November, 2024.
SIGNED, SEALED AND DELIVERED in the presence of:
| /s/ Christelle Gedeon | /s/ Luc Mongeau | |
| Witness | Luc Mongeau |
| Canopy Growth Corp. | |
| /s/ David Lazzarato | |
| Board Member |
EXHIBIT A
TO INTELLECTUAL PROPERTY AND CONFIDENTIAL INFORMATION AGREEMENT
List of Pre-Engagement Inventions (if applicable)
| Title | Date | Identifying Number or Brief Description |
| Date: | ||||
| SIGNED, SEALED AND DELIVERED in the | )) | |||
| presence of: | )) | |||
| ) | ||||
| Witness | )) | Luc Mongeau | ||
Exhibit 99.1
This news release constitutes a “designated news release” for the purposes of Canopy Growth’s prospectus supplement dated June 6, 2024 to its short form base shelf prospectus dated June 5, 2024.
Canopy Growth Announces Mr. Luc Mongeau As The Company’s Next CEO
An accomplished senior leader with more than
25 years of CPG experience, Mr. Mongeau has
been actively engaged with the Company’s board for nearly two years
This appointment follows a comprehensive search
to succeed Mr. David Klein due to a planned
retirement announced in August 2024
Company’s board reaffirms confidence in Canopy Growth’s strategic direction
Smiths Falls, ON, November 26, 2024 – Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX:WEED, NASDAQ:CGC), a world-leading cannabis company dedicated to unleashing the power of cannabis to improve lives, announced today that the Company’s board of directors (the “Board”) has named current Board member and CPG-veteran, Mr. Luc Mongeau, as the next Chief Executive Officer (“CEO”) of Canopy Growth effective January 6, 2025.
A seasoned executive with broad CPG experience, Mr. Mongeau has most recently served as the CEO of North America's leading e-commerce provider for residential and commercial furniture. He has previously held the role of President for Weston Foods, one of North America’s premier bakeries, as well as President of Mars Petcare North America, the core business unit of the world’s largest pet care company.
Since joining the Board as an observer in early 2023 and as a Board member in February 2024, Mr. Mongeau has played a key role in shaping the Company’s strategy. This has included a focus on driving asset-light expansion across Canopy Growth’s core markets, as well as actions to achieve near term profitability as the Company meets the vast opportunities presented by the global cannabis market.
"Having worked with our Board for nearly two years, Luc’s unique blend of cannabis experience, combined with decades of CPG expertise, makes him the ideal leader to guide Canopy Growth through its next phase of growth," said David Lazzarato, Chairman of the Board, Canopy Growth. "The Board is confident in Luc’s ability to drive our vision forward while maintaining the Company’s momentum. We would also like to extend our gratitude to David Klein for his leadership and dedication throughout this transformative period in Canopy Growth’s history.”
“With some of the best-known brands in the industry, a strong global medical cannabis business, category leading vaporizers from Storz & Bickel, and unique exposure to the high-potential U.S. cannabis market, Canopy Growth is well positioned for growth,” said Mr. Luc Mongeau, member of the Board, and incoming CEO, Canopy Growth. “I am honored to lead Canopy Growth into this exciting next chapter, and I am confident that our vision, dedication to our consumers, and the commitment of our team members will continue to position us for long-term success and value creation.”
"It’s been an honor over the past four years to lead Canopy Growth, which we’ve collectively shaped into a focused and financially disciplined organization primed for lasting success," said David Klein, current CEO of Canopy Growth. "As the Company enters this new phase, I am committed to working closely with Luc to support an efficient transition and I’m confident in his ability to lead Canopy Growth forward to new successes."
Mr. Mongeau will remain a member of the Board in his new role as CEO, and to support an efficient transition, Mr. Klein will continue in his role as CEO and a director on the Board until the effective date of Mr. Mongeau’s appointment as CEO on January 6, 2025. On January 6, 2025, Mr. Klein will step down as a member of the Board and will shift into a special advisor role until August 31, 2025. The Company is actively working to identify and nominate a new Board member to fill the vacancy created by Mr. Klein’s departure. Mr. Willy Kruh has replaced Luc Mongeau as an independent member of the Company’s Corporate Governance, Compensation and Nominating committee until a new director is appointed to the Board.
About Luc Mongeau
With a proven track record of leading and elevating organizations, Mr. Mongeau joins Canopy Growth with over 25 years’ experience as a senior executive. He has demonstrated expertise in marketing, sales, supply chain operations, and M&A.
Most recently as the CEO of ESolutions Furniture, formerly Bestar-Bush, Mr. Mongeau led the transformation of the business to deepen its share of the highly competitive digital commerce furniture industry. This included implementing a new approach to design and sourcing, reconfiguring the North American manufacturing network, and enhancing the company’s global supply chain.
Prior to this, during Mr. Mongeau’s five-year tenure as President of Weston Foods, he spearheaded the strategic realignment and end-to-end operational leadership of the $2 billion North American bakery, overseeing a team of over 6,000 employees across 40 facilities. He directed the development of commercial strategies across branded and private label categories for major North American retailers and managed the sale of Weston Foods. Additionally, in his role as President of Mars Petcare North America, Mr. Mongeau provided strategic and operational leadership to a $3 billion North American organization with more than 3,000 employees, 27 manufacturing sites, and three distinct operating units within both branded and private label categories.
Mr. Mongeau holds a Bachelor of Science from the Université de Sherbrooke and an MBA from the Ivey School of Business at Western University. He has also completed executive education at Harvard Business School.
###
Contact Details:
Nik Schwenker
Vice President, Communications
Nik.Schwenker@canopygrowth.com
Tyler Burns
Director, Investor Relations
Tyler.Burns@canopygrowth.com
About Canopy Growth
Canopy Growth is a world leading cannabis company dedicated to unleashing the power of cannabis to improve lives.
Through an unwavering commitment to our consumers, Canopy Growth delivers innovative products with a focus on premium and mainstream cannabis brands including Doja, 7ACRES, Tweed, and Deep Space, in addition to category defining vaporizer technology made in Germany by Storz & Bickel.
Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through an unconsolidated, non-controlling interest in Canopy USA, LLC (“Canopy USA”). Canopy USA has closed the acquisitions of approximately 77% of the shares of Lemurian, Inc. (“Jetty”) and 100% of the Wana entities that make up Wana Brands, being Wana Wellness, LLC, The CIMA Group, LLC and Mountain High Products, LLC. Jetty owns and operates Jetty Extracts, a California-based producer of high- quality cannabis extracts and pioneer of clean vape technology, and Wana Brands is a leading North American edibles brand. The option to acquire Acreage Holdings, Inc., a vertically integrated multi-state cannabis operator with principal operations in densely populated states across the Northeast and Midwest, has also been exercised.
Beyond its world-class products, Canopy Growth is leading the industry forward through a commitment to social equity, responsible use, and community reinvestment – pioneering a future where cannabis is understood and welcomed for its potential to help achieve greater well-being and life enhancement.
For more information visit www.canopygrowth.com.
References to information included on, or accessible through, our website do not constitute incorporation by reference of the information contained at or available through our website, and you should not consider such information to be part of this press release.