Canadian cannabis operator Canopy Growth Corp. made an early payment to reduce a loan term by $100 million (roughly 138.5 million Canadian dollars).
The prepayment enables Canopy Growth to reduce its debt at a discounted price of $97.5 million and results in annualized interest savings of about $14 million, according to a news release.
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The company said the move strengthens the company’s financial position as it executes strategic priorities.
“This early prepayment reflects our ongoing commitment to reducing cash burn and strengthening our capital structure,” Canopy Growth Chief Financial Officer Judy Hong said in a statement.
“Our proactive steps to reduce debt and extend maturity enhance our balance sheet flexibility to invest in growth areas and drive long-term value creation for our
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