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Canopy Growth announces shareholder approval in connection with proposed Acreage acquisition; provides update on American hemp and CBD operations.
At a special meeting of the company's shareholders, the company's shareholders voted overwhelmingly in favor of the resolution approving the issuance of common shares of Canopy Growth and certain amendments to certain outstanding company warrants in connection with the previously announced proposed acquisition of Acreage Holdings.
The company notes that it now has active owned or contracted hemp operations in seven states: California, Colorado, Kentucky, New York, North Carolina, Oregon, and Pennsylvania. Planting is currently underway, using a mixture of high-CBD varieties and high-fiber genetics that could supply the necessary raw material for large-scale, industrialized hemp-based products such as textiles, proteins, and bioplastics. When at full capacity, Canopy Growth's American footprint will cover more than 4,000 acres. As a complement to these active farm operations, Canopy Growth continues to explore appropriate locations for its own industrial scale processing and manufacturing plants, with the anticipation that the assets of Acreage could also form a substantial part of the company's long-term strategic US platform.