SMITHS FALLS, ON, April 7, 2016 /CNW/ - Canopy Growth Corporation (TSXV: CGC) ("Canopy Growth" or the "Company") announced that it has entered into an engagement agreement with XIB Consulting Inc. ("XIB"), to assist Canopy Growth with corporate development initiatives including, but not limited to, acquisitions, strategic networking and market awareness.
"We made a number of strategic acquisitions over the past two years to leverage large-scale production platforms, brand diversity and innovative customer engagement. These acquisitions have helped Canopy become a dominant marijuana company in Canada," said Bruce Linton, Chairman & CEO, Canopy Growth.
Added Linton, "The principals at XIB have developed a broad network and in-depth knowledge and experience in the sector. They will assist us in evaluating the landscape as we explore additional opportunities to expand our leadership position."
"We look forward to working with Canopy Growth as it continues to build upon its unique and scalable portfolio of cannabis brands and world-class cannabis production platforms," said Sean McNulty, Principal at XIB.
Subject to the approval of the TSX Venture Exchange (the "TSXV") and pursuant to the engagement agreement, which has an initial term of six months, the Company shall satisfy the engagement fee payable to XIB by issuing 38,656 of Common Shares in the capital of Canopy Growth to XIB, which may be credited against incremental success fees payable under certain circumstances. The Common Shares will be issued at a price of $2.59 per share.
The appointment of XIB as a consultant of Canopy Growth and the corresponding share issuance remains subject to standard regulatory acceptance of applicable filings with the TSX Venture Exchange.
About Canopy Growth:
Canopy Growth Corporation ("Canopy Growth") is one of the world's leading diversified cannabis companies. Through the operations of its wholly-owned subsidiaries, Tweed Inc., Tweed Farms Inc., and Bedrocan Canada Inc., Canopy Growth offers diverse brands and curated cannabis strain varieties in dried and oil extract forms, all supported by three state-of-the-art production facilities with over half a million square feet of indoor and greenhouse production capacity. For more information, www.canopygrowth.com.
About XIB Consulting:
XIB Consulting Inc., part of the XIB Financial group of companies, is a Toronto-based capital markets consulting and advisory firm founded by Sean McNulty and Peter Hatziioannou. With over 15 years of combined mergers and acquisitions advisory, institutional equity sales, and event-driven hedge fund experience, XIB offers clients corporate consulting services from a unique perspective in the Canadian capital markets.
This news release contains forward-looking statements. Often, but not always, forward-looking statements 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 involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth Corporation, Tweed Inc., Tweed Farms Inc. or Bedrocan Canada Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and Canopy Growth Corporation does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation
For further information: Investor Contact: Tyler Burns, 855-558-9333 ex 122, Tyler.firstname.lastname@example.org; Director: Bruce Linton, CEO, email@example.com