Canopy Growth Makes $100 Mln Prepayment Toward Debt

Dow Jones

2024-10-17

By Adriano Marchese

Canopy Growth on Thursday said that it has reduced its debt by $100 million as it looks to cut its cash burn rate.

The Smiths Falls, Ontario-based cannabis company said Thursday it made the early prepayment on its senior secured term loan equal to $100 million but at a discounted price of $97.5 million.

Canopy expects that the prepayment will reduce its annualized interest expense by about $14 million.

"This early prepayment reflects our ongoing commitment to reducing cash burn and strengthening our capital structure," Chief Financial Officer Judy Hong said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

October 17, 2024 07:49 ET (11:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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