Canopy Growth (CSE:CGC) Acquires Mettrum (TSX.v:MT)

Canopy Growth (CSE:CGC) Acquires Mettrum (TSX.v:MT)
Canopy Growth (CSE:CGC) Acquires Mettrum (TSX.v:MT)

Shareholders of Canopy Growth approved the ordinary resolution approving the issuance, or reservation for issuance, as the case may be, by Canopy Growth, of up to 40,000,000 common shares was approved by: 94.18% of the votes cast by Canopy Growth shareholders present in person or represented by proxy. A total of 19.80% of the issued and outstanding common shares of Canopy Growth were voted at the meeting.

The Arrangement was approved by: (i) 99.76% of the votes cast by Mettrum shareholders present in person or represented by proxy, and (ii) 99.69% of the votes cast by Mettrum shareholders present in person or represented by proxy, excluding votes which may not be included in determining minority approval pursuant to the rules of Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions. A total of 55.37% of the issued and outstanding common shares of Mettrum were voted at the meeting.

"We are delighted that the shareholders of Canopy and Mettrum have demonstrated such strong support for bringing our two companies together," Bruce Linton, Chairman & CEO, Canopy Growth. "Our focus remains on expanding production capabilities in order to capture market share through a variety of brands. Mettrum's strong growing platform and brand furthers this strategy."

The Arrangement, if completed, will result in the creation of a world-leading diversified cannabis company with six licensed facilities and a licensed production footprint of approximately 665,000 sq. ft. with significant acreage for expansion. Following completion of the Arrangement, Mettrum will cease trading on the TSX Venture Exchange and will become a wholly-owned subsidiary of Canopy Growth.

 

For the full story go to Financial Content


Read More
Tags
["Business", "Cannabis News", "Investing News"]