Acreage's Floating Shareholders Approve U.S. Strategic Arrangement With Canopy And Canopy USA

Acreage Holdings, Inc. ACRHF ACRDF ACRG ACRG, announced that, at a special meeting of holders (the “floating shareholders”) of Acreage’s class D subordinate voting shares (the “floating shares”) held on March 15, 2023, the floating shareholders voted in favor of a special resolution authorizing and approving the arrangement under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth Corporation CGC and Canopy USA, LLC, and matters related thereto.

The arrangement resolution required approval by at least 66.66% of the votes cast at the meeting by the floating shareholders. Acreage expects that the hearing date for the application for the final order of the Supreme Court of British Columbia will take place on or about March 20, 2023 in Vancouver, British Columbia.

In accordance with the terms of the floating share arrangement agreement dated October 24, 2022, among the company, Canopy and Canopy USA, Canopy has agreed, subject to the terms and conditions set forth therein, to exercise its option pursuant to the arrangement agreement between Canopy and Acreage dated April 18, 2019, as amended to acquire Acreage’s outstanding class E subordinate voting shares (the “fixed shares”), representing approximately 70% of the total shares of Acreage as at the date hereof, at a fixed exchange ratio of 0.3048 of a common share of Canopy for each fixed share held, such exercise to occur no later than five business days following the satisfaction of all required conditions.

Upon completion of: the acquisition of the floating shares pursuant to the floating share arrangement; and the acquisition of the fixed shares pursuant to the arrangement under Section 288 of the Business Corporations Act (British Columbia) on the terms and conditions set out in the existing arrangement agreement, Canopy USA will own 100% of the issued and outstanding shares in the capital of Acreage.

Benzinga's Cannabis Capital Conference Is Back

The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.

Photo: Benzinga edit with photos by geralt and lindsayfox on Pixabay