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Canopy Growth Corporation has successfully completed its acquisition of The Supreme Cannabis Company, Inc. as of June 23, 2021. This strategic move enhances Canopy's leadership in the Canadian recreational cannabis market, increasing its market share to 18.1%. The acquisition includes Supreme's low-cost cultivation facility in Kincardine, Ontario, and is expected to yield $30 million in synergies within two years. As part of the Arrangement, Supreme shareholders receive 0.01165872 Canopy shares and $0.0001 in cash for each Supreme share.
Supreme Cannabis Company has received final court approval from the Ontario Superior Court for its arrangement with Canopy Growth Corporation. Under this plan, Canopy will acquire all outstanding common shares of Supreme for 0.01165872 of a Canopy share plus $0.0001 cash per share. Shareholders approved the arrangement on June 10, 2021. The closing of the arrangement is expected around June 22, 2021, pending the fulfillment of conditions. Additional details can be found in the management information circular dated May 11, 2021.
The Supreme Cannabis Company announced that shareholders approved a plan of arrangement with Canopy Growth Corporation. Shareholders voted overwhelmingly, with 203,207,997 shares (81.05%) in favor. Each Supreme Share will be exchanged for approximately 0.0117 of a Canopy share and $0.0001 in cash. A final court order is anticipated on June 15, 2021, for the deal expected to close around June 17, 2021. Details on the vote results will be available on SEDAR.
On May 17, 2021, The Supreme Cannabis Company announced it mailed a management information circular for a special meeting of shareholders scheduled for June 10, 2021. The meeting aims to approve a plan for Canopy Growth Corporation to acquire all outstanding common shares of Supreme. Shareholders will receive 0.01165872 of a Canopy common share and $0.0001 in cash for each Supreme share, representing a premium of approximately 66%. The board recommends approval, and voting support agreements have been secured from certain directors and officers.
Supreme Cannabis Company reported its Q3 2021 results, achieving a positive adjusted EBITDA of $0.5 million and consolidated net revenue of $13.6 million. Despite a decline in recreational revenue and wholesale net revenue, the company introduced 9 new products and maintained a strong liquidity position with $65.5 million in cash. Following the quarter, Supreme Cannabis entered into an agreement with Canopy Growth for acquisition, offering shareholders a 66% premium per share, which is expected to enhance long-term growth and operational efficiency.
The Supreme Cannabis Company has announced it will release its third quarter financial results for the period ending March 31, 2021, after market close on May 13, 2021. A conference call to discuss these results is scheduled for May 14, 2021, at 8:00 AM Eastern Time. Interested participants can join by phone or via a provided webcast link. The company, known for its premium cannabis products, continues to expand its diversified portfolio while addressing both recreational and medical cannabis opportunities.
Canopy Growth Corporation announced a definitive agreement to acquire The Supreme Cannabis Company for approximately $435 million, offering Supreme shareholders a 66% premium per share. The deal enhances Canopy's brand portfolio by adding 7ACRES and strengthens its market position, potentially increasing its Canadian recreational market share to 13.6%. The acquisition is expected to yield cost synergies of $30 million within two years and expand Canopy's footprint in the U.S. CBD market. Shareholder approval is anticipated by June 2021.
The Supreme Cannabis Company has launched THC-infused gummies under its sugarleaf brand, starting with a Strawberry Peach flavor. Shipments to retailers in British Columbia, Saskatchewan, Alberta, Manitoba, and PEI are expected by the end of March 2021. Each gummy offers 2.5 mg of THC, packaged to deliver a total of 10 mg per package. The gummies aim to meet the rising demand among both novice and experienced cannabis users. The launch aligns with Supreme's strategy to diversify its product offerings, reinforcing its position as a top-10 Canadian cannabis company.
For Q2 2021, Supreme Cannabis reported a consolidated net revenue of $18.3 million, marking a 54% increase from the previous quarter. Recreational net revenue surged 70% to $12.7 million, driven by improved distribution and sales. The company achieved a positive Adjusted EBITDA of $3.6 million, significantly up from $0.3 million in Q1 2021. Following a successful capital raise of $21.5 million, the company maintains a strong liquidity position with a cash balance of $41.9 million. Supreme Cannabis is focused on sustainable profitability through an enhanced product line and streamlined operations.
Supreme Cannabis reported a 27% increase in recreational sales net revenue in Q4 2020 compared to the previous quarter, totaling $7.3 million. Year-over-year, revenue surged 373%, supported by brand expansion and Cannabis 2.0 products. The company achieved a 9% reduction in operational expenses, resulting in strong liquidity with a cash balance of $28.4 million. Despite a net loss of $33.3 million for the quarter, operational efficiencies and a focus on the recreational market are expected to drive future growth.
