■ Canopy Growth signs deal with noteholders to exchange $225.4 million in debt for shares and cash.

SMITHS FALLS, ONT. Canopy Growth Corp. has signed a deal to exchange $255.4 million of its debt for shares and a little bit of cash.

Under the agreement with a limited number of noteholders, the cannabis company will acquire the 4.25 per cent unsecured convertible senior notes due in 2023 for about $252.8 million in shares plus approximately $3 million in cash for accrued and unpaid interest.

Constellation Brands Inc. has agreed to swap half of the $200 million in notes it holds under the deal. The company, which is already Canopy’s largest shareholder, will receive a minimum of 21.9 million Canopy shares based on the floor price and a maximum of 30.7 million shares.