Acreage Holdings obtains a final order from the Supreme Court of British Columbia approving the previously announced agreement with Canopy Growth.
Under the arrangement, Acreage will amend its articles to provide Canopy Growth with the option to acquire all shares of Acreage and a requirement to do so once federal U.S. laws permit the general cultivation, distribution, and possession of marijuana or to remove the regulation of such activities from federal U.S. law.
Canopy Growth is permitted to waive the triggering event and intends to do so as soon as policies of the New York Stock Exchange and/or the Toronto Stock Exchange permit completion of the acquisition.
Acreage and Canopy Growth expect to implement the arrangement on or about June 27, 2019.
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Holders of Acreage shares and certain securities convertible into Class A subordinate voting shares will be entitled to receive their pro rata portion of US$300M, the option premium, being paid by Canopy Growth as consideration for granting the Canopy Growth Call Option.
Each holder of Acreage shares will get about US$2.63 per suburdinate voting share pursuant to the option premium.
Date: June 24, 2019
Source: Seeking Alpha
