The Supreme Cannabis Company, Inc. Announces Shareholder Approval of Arrangement with Canopy Growth Corporation
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.
- Shareholder approval garnered 81.05% in favor of the arrangement.
- Each Supreme Share will be exchanged for Canopy shares plus cash.
- The arrangement is on track for a final court hearing on June 15, 2021.
- None.
TORONTO, June 10, 2021 /PRNewswire/ - The Supreme Cannabis Company, Inc. ("Supreme" or the "Company" or "we") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is pleased to announce that, at its special meeting (the "Supreme Meeting") of shareholders of Supreme ("Supreme Shareholders"), Supreme Shareholders approved the plan of arrangement (the "Arrangement") with Canopy Growth Corporation ("Canopy"), pursuant to which, among other things, Canopy will acquire all of the issued and outstanding common shares of Supreme ("Supreme Shares") for consideration consisting of 0.01165872 of a Canopy common share and
The Arrangement required approval by at least two-thirds (662/3%) of the votes cast by Supreme Shareholders on the resolution approving the Arrangement, present virtually or represented by proxy and entitled to vote at the Supreme Meeting.
Of the votes cast at the Supreme Meeting with respect to the Arrangement, an aggregate of 203,207,997 Supreme Shares were voted in favour of the Arrangement, representing approximately
Supreme's full report of voting results will be filed on SEDAR (www.sedar.com) under Supreme's issuer profile.
Supreme intends to seek a final order of the Ontario Superior Court of Justice (Commercial List) to approve the Arrangement at a hearing expected to be held on June 15, 2021. Assuming timely receipt of all necessary court, third-party approvals and the satisfaction of all other conditions, closing of the Arrangement is expected to occur on or about June 17, 2021.
Further information about the Arrangement is available in the management information circular (the "Information Circular") dated May 11, 2021 and related proxy materials, which are available on SEDAR under Supreme's issuer profile and on Supreme's website at https://www.supreme.ca/canopy-growth-acquisition.
ABOUT SUPREME CANNABIS
The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world's most premium producers of recreational, wholesale and medical cannabis products.
Supreme's portfolio of brands caters to diverse consumer and patient experiences, with brands and products that address recreational, wellness, medical and new consumer preferences. The Company's recreational brand portfolio includes, 7ACRES, 7ACRES Craft Collective, Blissco, sugarleaf, and Hiway. Supreme addresses national and international medical cannabis opportunities through its premium Truverra brand.
Supreme's brands are backed by a focused suite of world-class operating assets that serve key functions in the value chain, including, scaled cultivation, value-add processing, automated packaging and product testing and R&D. Follow the Company on Instagram, Twitter, Facebook, LinkedIn and YouTube. We simply grow better.
FORWARD LOOKING STATEMENTS
This news release contains "forward-looking statements" 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 Supreme or its respective 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 timing of the final order hearing and the closing of the Arrangement. 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 the completion of the Arrangement; risks related to the value of the Canopy common shares to be issued pursuant to the Arrangement; regulatory and licensing risks; changes in general economic, business and political conditions, including changes in the financial and stock markets; risks related to infectious diseases, including the impacts of the Covid-19 pandemic; legal and regulatory risks inherent in the cannabis industry, including the global regulatory landscape and enforcement related to cannabis, political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion and perception of the cannabis industry; and such other risks contained in the public filings of Supreme filed with Canadian securities regulators and available under Supreme's profile on SEDAR at www.sedar.com, including the Information Circular and Supreme's annual information form for the year ended June 30, 2020. Although Supreme 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. Should one or more of the foregoing risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Supreme has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and Supreme does not undertake any 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 The Supreme Cannabis Company, Inc.
FAQ
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