Heritage Cannabis Holdings Corp. Reports Annual General and Special Meeting Results

Rhea-AI Summary

Heritage Cannabis Holdings Corp. (OTCQX:HERTF) held its annual general and special meeting on April 16, 2021, where shareholders approved key resolutions. These included the election of five directors, the appointment of Davidson & Company LLP as auditor, and a special resolution for a future share consolidation. Additionally, shareholders approved an increase in shares reserved under the Restricted Share Unit Plan and minor amendments to the Plan. Heritage focuses on producing medical and recreational cannabis products through its subsidiaries in Canada and the U.S.

Positive

• Approval of all resolutions at the annual general meeting, indicating strong shareholder support.
• Election of a competent board of directors to guide the company's strategy.

Negative

• Proposed share consolidation could lead to dilution of shareholder value.
• -

Heritage Cannabis Holdings Corp. (CSE:CANN) (OTCQX:HERTF) (“Heritage” or the “Company”), is pleased to advise that at the Company’s annual general and special meeting held on April 16, 2021, shareholders of the Company approved all of the items put forth, including:

• The election of Donald Ziraldo, Celine Arsenault, Maxwell Gerard, Graeme Staley, and Clint Sharples as directors;
• The appointment of Davidson & Company LLP as auditor;
• A special resolution approving an amendment to the articles of incorporation of the Company at a future date to consolidate all of the issued and outstanding common shares of the Company on the basis of the Consolidation Ratio (as that term is defined in the management information circular of the Company dated March 1, 2021) with the final ratio to be determined by the board of directors of the Company;
• An ordinary resolution approving an increase in the number of shares to be reserved for issuance under the Company’s Restricted Share Unit Plan (the “RSU Plan”);
• An ordinary resolution to amend the RSU Plan, to correct minor typographical errors and to change the governing law under the RSU Plan to the Province of Ontario, in accordance with the Company's continuance under the Business Corporations Act (Ontario) which became effective November 6, 2020.

About Heritage Cannabis Holdings Corp.
Heritage is a cannabinoid company focused on the production and sale of medical and recreational hemp-based and cannabis-based products and services. In Canada, Heritage operates through its subsidiaries Voyage Cannabis Corp. and CannaCure Corporation, both regulated under the Cannabis Act Regulations. Working under these subsidiaries and the Purefarma, Pura Vida, RAD, Premium 5, and feelgood. brands, Heritage focuses on extraction and the creation of derivative products for recreational consumers, as well as the formulation of cannabis based medical solutions. In the U.S., Heritage operates under Opticann Inc., a Colorado based oral and topical cannabinoid company with the rights to exclusively sell CBD and CBG products made with the patented VESIsorb® drug delivery system for optimized absorption and stability. As the parent company, Heritage is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.

ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.

“Clint Sharples”

Clint Sharples
CEO

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210416005570/en/

FAQ

What were the key outcomes of Heritage Cannabis Holdings Corp.'s annual meeting on April 16, 2021?

At the annual meeting, shareholders approved the election of new directors, the appointment of an auditor, and a resolution for a future share consolidation.

What is the significance of the proposed share consolidation for HERTF shareholders?

The proposed share consolidation may lead to dilution of shareholder value, depending on the final consolidation ratio set by the board.

Who was elected to the board of directors during Heritage Cannabis' annual meeting?

Donald Ziraldo, Celine Arsenault, Maxwell Gerard, Graeme Staley, and Clint Sharples were elected as directors.

What changes were made to the Restricted Share Unit Plan at Heritage Cannabis' annual meeting?

Shareholders approved an increase in the number of shares reserved under the Restricted Share Unit Plan and minor amendments to correct typographical errors.