Acreage Holdings Inc OTCMKTS: ACRGF is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. Canopy Growth offers medically approved vaporizers through its subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. Canopy Growth has operations in over a dozen countries across five continents.
Canopy Growth is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public’s understanding of cannabis, and through its wholly owned subsidiary, Canopy Health Innovations, has devoted millions of dollars toward cutting edge, commercializable research and IP development. Canopy Growth works with the Beckley Foundation and has launched Beckley Canopy Therapeutics to research and develop clinically validated cannabis-based medicines, with a strong focus on intellectual property protection. Canopy Growth acquired assets of leading hemp research company, ebbu, Inc. (“ebbu”). Intellectual Property (“IP”) and R&D advancements achieved by ebbu’s team apply directly to Canopy Growth’s hemp and THC-rich cannabis genetic breeding program and its cannabis-infused beverage capabilities. Through partly owned subsidiary Canopy Rivers Inc., Canopy Growth is providing resources and investment to new market entrants and building a portfolio of stable investments in the sector.
Acreage Holdings Inc OTCMKTS: ACRGF On May 23, 2019 pleased to announce that they have filed their respective management information circulars and related voting materials in relation to the previously announced proposed acquisition of Acreage by Canopy Growth (the “Transaction”), pursuant to a court approved arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).
Completion of the Transaction is contingent on the occurrence or waiver of changes in U.S federal law to permit the general cultivation, distribution, and possession of marijuana or to remove the regulation of such activities from the federal Laws of the United States (the “Triggering Event”). Canopy Growth is permitted to waive the Triggering Event and intends to do so as soon as the policies of the New York Stock Exchange (“NYSE”) and/or the Toronto Stock Exchange (“TSX”) permit completion of the acquisition, provided that completion would not violate any third-party agreements, including those entered into by Canopy Growth with Constellation Brands, Inc.
The respective special meetings of shareholders of Canopy Growth and Acreage to approve various resolutions in connection with the Transaction are each scheduled to be held on June 19, 2019.
The resolution adopting the Arrangement (the “Arrangement Resolution”) must be approved by at least 66⅔% of the votes cast by the holders of Acreage shares, voting together as a single class. In addition, the Arrangement Resolution is subject to approval by a simple majority (the “Minority Approval”) of the votes cast by the holders of Class A subordinate voting shares (the “Subordinate Voting Shares”) and Class B proportionate voting shares (the “Proportionate Voting Shares”), voting together as a single class, excluding the votes in respect of Acreage Shares which are owned, held, controlled or directed by Kevin Murphy, Chief Executive Officer of Acreage.
The Companies believe that the Transaction will deliver significant benefits that will help accelerate the growth of Acreage across the United States powered by the expertise of the world’s leading cannabis company. In turn, Canopy Growth shareholders will benefit from a national turnkey platform in the U.S.