SMITHS FALLS, ON, June 19, 2019 /CNW/ - Canopy Growth
Corporation ("Canopy Growth" or the "Company") (TSX:
WEED) (NYSE: CGC) is pleased to announce that, at a special meeting
of the Company's shareholders (the "Meeting") held earlier
today, the Company's shareholders voted overwhelmingly in favour of
the resolution (the "Canopy Shareholder Resolution")
approving the issuance of common shares of Canopy Growth and
certain amendments to certain outstanding Company warrants in
connection with the Company's previously announced proposed
acquisition (the "Transaction") of Acreage Holdings, Inc.
("Acreage").
The Canopy Shareholder Resolution was approved by approximately
99.05% of votes cast by disinterested Canopy Growth
shareholders either in person or represented by proxy at the
Meeting, in accordance with the requirements of the Toronto Stock
Exchange. The report of voting results will be made available under
Canopy Growth's profile on SEDAR at www.sedar.com.
In addition to the approval by Canopy Growth shareholders,
Acreage shareholders approved the Transaction at a special meeting
of shareholders held simultaneously today.
"On behalf of Canopy Growth, I thank the shareholders of both
companies for their vote of confidence in this historic
transaction," said Bruce Linton,
Chairman & Co-CEO, Canopy Growth. "Completion of the
Transaction is intended to position us to efficiently and
effectively enter the US cannabis market once federally
permissible. Alongside our international market strategies and US
Hemp strategy, we believe the acquisition of Acreage will be a key
step in bolstering our position as a truly global company."
Initial implementation of the Transaction is subject to approval
by the Supreme Court of British
Columbia and satisfaction of certain other closing
conditions. Canopy Growth and Acreage expect the Transaction to be
implemented on or about June 27,
2019. Completion of the Transaction is contingent on the
occurrence or waiver, at Canopy Growth's discretion, of changes in
US federal law to permit the general cultivation, distribution, and
possession of cannabis or to remove the regulation of such
activities from the federal Laws of the
United States. Details of the payment will be included in a
subsequent press release.
Canopy Growth updates on its United
States hemp and CBD operations:
The local Canopy Growth team, with staff in San Francisco, New
York, Denver, Georgia and Washington, among other places, continues to
advance the Company's vision south of the border, with active owned
or contracted hemp operations now in seven states: California, Colorado, Kentucky, New
York, North Carolina,
Oregon and Pennsylvania. Planting is currently underway,
using a mixture of high-CBD varieties and high-fibre genetics that
could supply the necessary raw material for large-scale,
industrialized hemp-based products such as textiles, proteins and
bioplastics.
When at full capacity, Canopy Growth's American footprint,
largely contracted with American farmers versus owned operations,
will cover more than 4000 acres, (approximately 3268 US
football fields - or, for Canadian readers, approximately
11,072 hockey rinks.) Nearly half of that entire farming
platform will be located in New York
State, which will include approximately 1,000 acres of
high-CBD hemp, along with an additional 1,000 acres of high-fibre
hemp growth.
As a complement to these active farm operations, Canopy Growth
continues to explore appropriate locations for its own industrial
scale processing and manufacturing plants, with the anticipation
that the assets of Acreage could also form a substantial part of
the Company's long-term strategic US platform, pending the
finalization of the Transaction between Canopy Growth and
Acreage.
Finally, through the work of its research subsidiary ebbu, based
in Denver, Colorado, as well as
its growing clinical team, the Company is squarely focused on
bringing a new and unparalleled level of product quality,
regulatory oversight, reliability and scientific rigour to the US
CBD market.
With its substantial cash holdings and relentless drive to build
its commercial portfolio in Canada, the United
States and around the world – all while investing in
research and development, innovation and educational activities -–
Canopy Growth remains committed to leadership in the emerging
cannabis space and to generating ever-increasing returns for its
shareholders.
Here's to Future Growth (south of the border).
Additional Details
For a more detailed description of
the Transaction, shareholders of Canopy Growth are encouraged to
visit https://www.canopygrowth.com/canopy-acreage-deal/.
About Canopy Growth Corporation
Canopy Growth
(TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp
and cannabis device company, offering distinct brands and curated
cannabis varieties in dried, oil and Softgel capsule forms, as well
as medical devices through Canopy Growth's 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's medical division, Spectrum Therapeutics is
proudly dedicated to educating healthcare practitioners, conducting
robust clinical research, and furthering the public's understanding
of cannabis, and has devoted millions of dollars toward cutting
edge, commercializable research and IP development. Spectrum
Therapeutics sells a range of full-spectrum products using its
colour-coded classification Spectrum system as well as single
cannabinoid Dronabinol under the brand Bionorica Ethics.
Canopy Growth operates retail stores across Canada under its award-winning Tweed and Tokyo
Smoke banners. Tweed is a globally recognized cannabis brand which
has built a large and loyal following by focusing on quality
products and meaningful customer relationships.
From our historic public listing on the Toronto Stock Exchange
and New York Stock Exchange to our continued international
expansion, pride in advancing shareholder value through leadership
is engrained in all we do at Canopy Growth. Canopy Growth has
established partnerships with leading sector names including
cannabis icons Snoop Dogg and Seth
Rogen, breeding legends DNA Genetics and Green House Seeds,
and Fortune 500 alcohol leader Constellation Brands, to name but a
few. Canopy Growth operates eleven licensed cannabis production
sites with over 4.7 million square feet of production capacity,
including over one million square feet of GMP certified production
space. For more information visit www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This news
release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and "forward-looking information" within the meaning of applicable
Canadian securities legislation. Often, but not always,
forward-looking statements and information can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or information involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements or information contained in this news
release. Examples of such statements include statements with
respect to the Company's expectations with respect to the Company's
position to enter the US cannabis market and the Company's position
as a global company, the anticipated timing and implementation of
the Transaction, including receipt of required approvals and other
closing conditions, the production of raw material for industrial
hemp-based products, the extent of the Company's American footprint
at full capacity and the Company's exploration for locations for
processing and manufacturing plants. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information, including assumptions as to the
ability of the parties to receive, in a timely manner and on
satisfactory terms, the necessary regulatory and court approvals;
the ability of the parties to satisfy, in a timely manner, the
other conditions to implementation of the Transaction; the
occurrence or waiver of certain changes in U.S. federal law in
relation to cannabis; the ability of Company and Acreage to
satisfy, in a timely manner, the conditions to closing following
the occurrence or waiver of certain changes in U.S. federal law in
relation to cannabis; other expectations and assumptions concerning
the Transaction; regulatory and licensing risks with respect to the
Company's United States hemp
operations; and such risks contained in the management information
circular of the Company dated May 17,
2019 and in the Company's annual information form dated
June 27, 2018 filed with Canadian
securities regulators and available on the Company's profile on
SEDAR at www.sedar.com. Readers are cautioned that the foregoing
list of factors is not exhaustive. Although the Company believes
that the assumptions and factors used in preparing the
forward-looking information or forward-looking statements in this
news release are reasonable, undue reliance should not be placed on
such information and no assurance can be given that such events
will occur in the disclosed time frames or at all. The
forward-looking information and forward-looking statements included
in this news release are made as of the date of this news release
and the Company does not undertake an obligation to publicly update
such forward-looking information or forward-looking information to
reflect new information, subsequent events or otherwise unless
required by applicable securities laws.
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SOURCE Canopy Growth Corporation