(Smiths Falls) Canopy Growth said Friday it has signed agreements with its secured and unsecured creditors that should see it reduce its total debt by about $437 million over the next six months.

According to the cannabis producer, these agreements should also help reduce its annual interest costs by approximately $20 million to $30 million.

Canopy’s chief financial officer, Judy Hong, said the deals would allow the company to conserve cash and further improve its balance sheet through accretive and meaningful reductions in overall debt.

The company said it would repay approximately $193 million in existing notes with a mix of cash, stock and new interest-bearing unsecured convertible debentures.

Canopy will also reduce debt by $100 million under a new credit agreement for a $93 million cash installment, and expects further principal reductions to 95 cents on the dollar upon closing of the sale of certain assets.

The company sold some of its facilities as part of an organizational transformation announced last year, to help it reduce expenses.