Introduction

4 of the 5 stocks in the Canadian Cannabis Licensed Producers (LPs) Portfolio went up last week (+7.2% on average) ranging from + 12.4% to -1.6% and is now up 7.8% MTD (as of April 26th). The details are below:

1. Canopy Growth (CGC): UP 12.4% last week; UP 3.2% MTD
   • Latest news, commentary and/or analysis:
     • Constellation Brands distances itself from cannabis company Canopy Growth
       • Constellation Brands (STZ) has a 39% financial stake in Canopy Growth but has announced that it:
         • converted its stake in Canopy to a new category of shares that:
           • do not give it voting power
           • or the ability to collect payments from Canopy.
       • It will no longer have representation on Canopy’s board to eliminate the impact to their equity in earnings
         • and do not intend to deploy additional investment in Canopy going forward.
       • The conversion of shares into the new category means that:
         • there is no longer an outstanding balance owing under the Promissory Note,
         • the Promissory Note has been cancelled,
         • and that there will be an overall reduction in debt on the Company's balance sheet in the amount of C$100 million.
       • Behind this development is the expectation that this will:
         • facilitate the Company’s entry into the U.S. cannabis market, particularly through its U.S.-domiciled holding company, Canopy USA, LLC
         • and give it the ability to acquire additional assets, including Acreage Holdings, Inc. (OTC: ACRHF), Mountain High Products LLC, Wana Wellness LLC, The Cima Group LLC, and Lemurian Inc..
2. Cronos Group (CRON): UP 9.3% last week; DOWN 1.1% MTD
3. Aurora Cannabis (ACB): UP 3.7% last week; UP 52.6% MTD
4. Tilray Brands (TLRY): UP 2.9% last week; DOWN 27.9% MTD
5. Organigram Holdings (OGI): DOWN 1.6% last week; DOWN 14.0% MTD

Summary

On average, the Portfolio went UP 7.2% last week and is now UP 7.8% MTD.

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