June 19, 2019 at 5:27 pm
Printed by NCV Newswire
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Canopy Increase announces shareholder approval in connection with the proposed acquisition of Acreage & gives update on American hemp and CBD operations
SMITHS FALLS, ON, June 19, 2019 /PRNewswire/ – Canopy Increase Company (“Canopy Increase” or the “Firm”) (TSX: WEED) (NYSE: CGC) is contented to issue that, at a clear assembly of the Firm’s shareholders (the “Meeting”) held earlier this day, the Firm’s shareholders voted overwhelmingly in favour of the resolution (the “Canopy Shareholder Decision”) approving the issuance of basic shares of Canopy Increase and obvious amendments to obvious renowned Firm warrants in connection with the Firm’s beforehand announced proposed acquisition (the “Transaction”) of Acreage Holdings, Inc. (“Acreage”).
The Canopy Shareholder Decision used to be licensed by approximately Ninety 9.05% of votes solid by disinterested Canopy Increase shareholders either in particular person or represented by proxy on the Meeting, in line with the requirements of the Toronto Stock Substitute. The represent of balloting outcomes will be made available below Canopy Increase’s profile on SEDAR at www.sedar.com.
To boot to to the approval by Canopy Increase shareholders, Acreage shareholders licensed the Transaction at a clear assembly of shareholders held concurrently this day.
On behalf of Canopy Increase, I thank the shareholders of every corporations for his or her vote of self belief on this ancient transaction. Completion of the Transaction is supposed to position us to successfully and successfully enter the US cannabis market once federally permissible. Alongside our international market systems and US Hemp strategy, we judge the acquisition of Acreage will be a key step in bolstering our position as a if truth be told global firm.
Bruce Linton, Chairman & Co-CEO, Canopy Increase
Preliminary implementation of the Transaction is area to approval by the Supreme Court docket of British Columbia and pleasure of obvious assorted closing stipulations. Canopy Increase and Acreage quiz the Transaction to be implemented on or about June 27, 2019. Completion of the Transaction is contingent on the occurrence or waiver, at Canopy Increase’s discretion, of changes in US federal law to allow the basic cultivation, distribution, and possession of cannabis or to spend the regulation of such activities from the federal Rules of the US. Details of the cost will be included in a subsequent press commence.
Canopy Increase updates on its United States hemp and CBD operations:
The native Canopy Increase personnel, with staff in San Francisco, Contemporary York, Denver, Georgia and Washington, among assorted areas, continues to come the Firm’s vision south of the border, with vigorous owned or diminished in size hemp operations now in seven states: California, Colorado, Kentucky, Contemporary York, North Carolina, Oregon and Pennsylvania. Planting is at the moment underway, the usage of a combination of high-CBD forms and high-fibre genetics that could per chance per chance present the basic raw fabric for tidy-scale, industrialized hemp-based mostly entirely mostly products equivalent to textiles, proteins and bioplastics.
When at full capability, Canopy Increase’s American footprint, largely diminished in size with American farmers versus owned operations, will duvet bigger than 4000 acres, (approximately 3268 US football fields – or, for Canadian readers, approximately eleven,072 hockey rinks.) Nearly half of of that complete farming platform will be located in Contemporary York State, that could per chance per chance embody approximately 1,000 acres of high-CBD hemp, along with an additional 1,000 acres of high-fibre hemp inform.
As a complement to those vigorous farm operations, Canopy Increase continues to rep acceptable locations for its rep industrial scale processing and manufacturing vegetation, with the anticipation that the assets of Acreage can even make a substantial half of the Firm’s long-term strategic US platform, pending the finalization of the Transaction between Canopy Increase and Acreage.
At final, via the work of its learn subsidiary ebbu, based mostly entirely mostly in Denver, Colorado, to boot to its rising clinical personnel, the Firm is squarely centered on bringing a unique and unparalleled diploma of product fantastic, regulatory oversight, reliability and scientific rigour to the US CBD market.
With its spacious money holdings and relentless force to rep its industrial portfolio in Canada, the US and across the sector – all whereas investing in learn and development, innovation and academic activities -– Canopy Increase stays committed to management within the rising cannabis dwelling and to generating ever-increasing returns for its shareholders.
Right here’s to Future Increase (south of the border).
For a more detailed description of the Transaction, shareholders of Canopy Increase are encouraged to visit https://www.canopygrowth.com/canopy-acreage-deal/.
About Canopy Increase Company
Canopy Increase (TSX:WEED, NYSE:CGC) is an international-main diverse cannabis, hemp and cannabis gadget firm, offering clear brands and curated cannabis forms in dried, oil and Softgel pill forms, to boot to scientific devices via Canopy Increase’s subsidiary, Storz & Bickel GMbH & Co. KG. From product and course of innovation to market execution, Canopy Increase is driven by a ardour for management and a dedication to building an international-class cannabis firm one product, web suppose and country at a time. Canopy Increase has operations in over a dozen international locations across five continents.
Canopy Increase’s scientific division, Spectrum Therapeutics is proudly dedicated to teaching healthcare practitioners, conducting tough clinical learn, and furthering the public’s working out of cannabis, and has devoted millions of bucks toward cutting again edge, commercializable learn and IP development. Spectrum Therapeutics sells a unfold of full-spectrum products the usage of its color-coded classification Spectrum design to boot to single cannabinoid Dronabinol below the logo Bionorica Ethics.
Canopy Increase operates retail stores across Canada below its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally identified cannabis mark which has constructed a tidy and real following by focusing on fantastic products and stressful buyer relationships.
From our ancient public itemizing on the Toronto Stock Substitute and Contemporary York Stock Substitute to our persisted international expansion, pride in advancing shareholder cost via management is engrained in all we make at Canopy Increase. Canopy Increase has established partnerships with main sector names including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green Dwelling Seeds, and Fortune 500 alcohol chief Constellation Producers, to name but a pair of. Canopy Increase operates eleven licensed cannabis production sites with over Four.7 million square toes of production capability, including over a million square toes of GMP licensed production dwelling. For more knowledge visit www.canopygrowth.com.
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