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Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise dispensaries, today announced that Dorri C. McWhorter has been appointed to its board of directors and will join its audit committee.

McWhorter brings a breadth of professional experience across a variety of businesses and industries and is known for her socially conscious approach to leadership. In 2021, McWhorter became President and Chief Executive Officer of YMCA of Metropolitan Chicago, whose mission is to develop strong children, families and communities. Prior to joining the YMCA, she served as Chief Executive Officer for the YWCA Metropolitan Chicago, an organization dedicated to empowering women and eliminating racism. During her eight-year tenure with the YWCA, McWhorter led the organization through seven mergers and acquisitions, expanded its footprint to 10 locations, implemented paid family leave and developed an inclusive retirement plan for thousands of childcare providers and small business owners. McWhorter was also a partner at Crowe Horwath, LLP, and held senior roles with Snap-on Incorporated and Booz Allen Hamilton.

"Dorri is a savvy business leader and community-driven executive who will provide meaningful perspective and expertise to Green Thumb as we continue to execute on our mission and create opportunity and positive change in our communities," said Green Thumb Founder and Chief Executive Officer Ben Kovler. "Her years of experience working with social change organizations and dedication to helping people will further enrich the Green Thumb board and we are excited to welcome her to the team."

"I am grateful for the opportunity to join the board of directors at Green Thumb, a company that places a strong emphasis on community impact," said McWhorter. "I look forward to leveraging my experience and passion of bringing business and community leaders together to advance Green Thumb's mission to promote social equity and lasting change in communities."

McWhorter is currently a board member for Lifeway Foods Inc., a health food manufacturer, where she also serves on the audit committee, William Blair Funds, an open-end investment management company and the Skyway Concession Company, which operates the Chicago Skyway Toll Bridge. She holds several board seats for civic and philanthropic organizations, including the Chicago Center for Arts and Technology, 1871 (Technology Business Accelerator), Chicago Council on Global Affairs, Civic Consulting Alliance, Civic Federation, and Forefront. She previously served on the boards of the American Institute of Certified Public Accountants and is the Immediate Past Chairperson of the board for the Illinois CPA Society.

McWhorter has a Master of Business Administration from Northwestern University and a Bachelor of Business Administration from University of Wisconsin. She holds an honorary Doctor of Humane Letters from Lake Forest College.

McWhorter joins the following non-executive Green Thumb directors on the board:

Wendy Berger , Real Estate Subject Matter Expert: Principal, WBS Equities, LLC., which specializes in ground-up construction, renovation, development, sale lease back transactions and acquisitions.

William Gruver , Former Chief Administrative Officer of the Equities Division of Goldman Sachs, decorated Navy Veteran and experienced Audit Committee chair.

Wes Moore , Former CEO of Robinhood, New York's largest poverty-fighting organization, best-selling author and decorated Army combat Veteran. Serves on the boards of IAC/Interactive Corp. and Under Armour.

Swati Mylavarapu , Compliance Subject Matter Expert: Founder and Managing Partner, Incite.org., a hybrid incubator and investment fund.

Glen Senk , Retail Subject Matter Expert: Former CEO and board director for Urban Outfitters and director of Aritzia, Boden, Kendra Scott and Opening Ceremony.

About Green Thumb Industries :

Green Thumb Industries Inc. ("Green Thumb"), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon's, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called Rise. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 75 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain's Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.

Investor Contact: Media Contact:
Andy Grossman Grace Bondy
EVP, Capital Markets & Investor Relations Manager, Corporate Communications
InvestorRelations@gtigrows.com GBondy@gtigrows.com
310-622-8257 517-672-8001

Source: Green Thumb Industries


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Canopy Growth Announces Additional Exchanges with Holders of Notes (CNW Group/Canopy Growth Corporation)

Transaction Details

In accordance with the terms of the Exchange Agreement, Canopy Growth has agreed to acquire the Notes from the Noteholder for an aggregate purchase price (excluding accrued and unpaid interest which will be paid in cash as part of the Cash Payment) of C$7.17 million (approximately USD$5.5 million ) (the " Purchase Price "), which will be payable in such number of Canopy Shares (the " Share Consideration ") as is equal to the Purchase Price divided by the volume-weighted average trading price (the " VWAP ") of the Canopy Shares on the Nasdaq Global Select Market (the " Nasdaq ") for the 10 consecutive trading days beginning on, and including, June 30, 2022 (the " Averaging Price " and such period of time being the " Averaging Period "), subject to a floor price of US$2.50 (the "Floor Price") and a maximum price equal to US$3.50 , which is the closing price of the Canopy Shares on the Nasdaq on June 29, 2022 (the " Market Price ").

The Share Consideration will be satisfied by the issuance of Canopy Shares in up to two tranches as follows: (a) on the initial closing, 1,589,260 Canopy Shares (the " Initial Closing Shares ") will be issued to the Noteholder; and (b) in the event that the Averaging Price calculated over the Averaging Period is less than the Market Price, on or about July 18, 2022 (the " Final Closing "), up to such number of Canopy Shares as is equal to the excess of the Purchase Price divided by the Averaging Price over the Initial Closing Shares.

In the event that the daily VWAP of the Canopy Shares on the Nasdaq during the Averaging Period (a) exceeds the Market Price, then the daily VWAP for such trading day will instead be deemed to be the Market Price; or (b) is less than the Floor Price, then the daily VWAP for such trading day will instead be deemed to be the Floor Price, such that in no circumstances will more than 2,224,965 Canopy Shares be issuable pursuant to the Noteholder.

Together with the exchange agreements (the " Other Exchange Agreements ") entered into prior to the announcement on June 29, 2022 (collectively, the " Transaction "), a minimum of 35,662,420 Canopy Shares have been or will be issued. Pursuant to the terms of the Exchange Agreement and the Other Exchange Agreements, in no circumstances will more than 80,629,270 Canopy Shares be issuable pursuant to the Transaction.

The Transactions are being conducted as private placements, and any Canopy Shares to be issued in the Transaction will be issued pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended (the " Securities Act "), afforded by Section 4(a)(2) of the Securities Act in transactions not involving any public offering. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities described above, nor will there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Canopy Growth

Canopy Growth (TSX:WEED, NASDAQ:CGC) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, Canopy Growth offers product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Canopy Growth's global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany . Through Canopy Growth's award-winning Tweed and Tokyo Smoke banners, Canopy Growth reaches its adult-use consumers and has built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada , the United States , and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional hemp derived CBD products to the United States through its First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands.

Notice Regarding Forward-Looking Information

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information 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 or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements and uncertainties include statements with respect to the benefits of the debt repurchase, the anticipated date of issuance of the Initial Closing Shares, the anticipated date of the issuance of any additional Canopy Shares following the Averaging Period and expectations for other economic, business, and/or competitive factors .

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including inherent uncertainty associated with projections; the diversion of management time on Transaction-related issues; expectations regarding future investment, growth and expansion of operations; regulatory and licensing risks; changes in general economic, business and political conditions, including changes in the financial and stock markets and the impacts of increased rates of inflation; legal and regulatory risks inherent in the cannabis industry, including the global regulatory landscape and enforcement related to cannabis, political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion and perception of the cannabis industry; and such other risks contained in the public filings of the Company filed with Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com and with the United States Securities and Exchange Commission through EDGAR at www.sec.gov/edgar , including the Company's annual report on Form 10-K for the year ended March 31, 2022 .

In respect of the forward-looking statements and information, the Company has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Should one or more of the foregoing risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake any obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/canopy-growth-announces-additional-exchanges-with-holders-of-notes-301579205.html

SOURCE Canopy Growth Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/30/c3730.html

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