SMITHS FALLS, ON, March 14th, 2016 /CNW Telbec/ - Canopy Growth Corporation (TSXV: CGC) ("Canopy Growth" or "the Corporation") has granted an aggregate of 550,00 options to purchase common stock to three Officers of the Corporation to be vested in accordance to the terms of the Corporation's Option Plan. In addition, 400,000 options were granted to purchase common stock to four Directors of the Corporation to be vested quarterly over one year. All of the foregoing options shall have an exercise price equal to $2.95 per share.
On February 11, 2016, Tweed Inc. (Tweed), a wholly-owned subsidiary of Canopy Growth announced that it had entered into a business partnership with the artist known as Snoop Dogg. Under the partnership, Snoop Dogg, through a controlled company, and Tweed have partnered on curated content and brand strategy exclusively in Canada. The license agreement is for a term of up to five years. As partial consideration for the arrangement, the controlled company will receive a combination of Canopy Growth shares, royalties, and monetary compensation, released over the course of the agreement. The share consideration is comprised of common shares totaling 386,100 at a price of $2.59 per share, of which 135,135 common shares were issued on February 11, 2016 with the remainder of the 250,965 common shares escrowed for release, subject to meeting certain service criteria, over the initial three years of the term.
About Canopy Growth Corporation
Canopy Growth is Canada's first publicly traded medical marijuana company and the first geographically diversified producer with dual licenses under the Marihuana for Medical Purposes Regulations. Through its wholly-owned subsidiaries, Tweed, Tweed Farms, and Bedrocan Canada, the Company operates three state-of-the-art production facilities in Ontario and distributes marijuana across the country to Canadian patients managing a host of medical conditions. The Company is dedicated to educating healthcare practitioners, providing consistent access to high quality medication, conducting robust clinical research, and furthering the public's understanding of how marijuana is used for medical purposes. www.canopygrowth.com
About Tweed Inc.
Tweed Inc. is a Canadian company licensed under the Marihuana for Medical Purposes Regulations to produce and sell marijuana to authorized medical customers. Tweed strives to supply a wide selection of marijuana, as diverse as the patients who trust the company with their patronage. www.tweed.com
Notice Regarding Forward Looking Statements
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. Examples of such statements include future operational and production capacity, the impact of enhanced infrastructure and production capabilities, and forecasted available product selection. The forward-looking statements included in this news release are made as of the date of this news release and Canopy Growth Corp. 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation