WEED - Canopy Growth Doubles Down On Its USA Strategy Announces Exercise of Acreage Options | Benzinga
Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) announced on Tuesday today that the option to acquire all of the issued and outstanding Class E subordinate voting shares of Acreage Holdings, Inc. (CSE:ACRG, ACRG.B.U)) (OTCQX:ACRHF, ACRDF)), has been exercised.
What Happened
The latest move is by the terms of the arrangement agreement dated April 18, 2019, as amended, between Canopy Growth and Acreage.
In connection with the arrangement agreement dated October 24, 2022, by and among Canopy Growth, Canopy USA, LLC and Acreage, as amended, in respect of the Class D subordinate voting shares of Acreage, on closing, Canopy USA will acquire all of the fixed shares and floating shares and Acreage will become a wholly-owned subsidiary of Canopy USA.
Debt Acquisition
Additionally, the Canadian cannabis giant said on Tuesday that it exercised its option, in part, to acquire certain outstanding debt of Acreage. That's in connection with the option agreement dated November 15, 2022, among a wholly-owned subsidiary of Canopy Growth and the lenders party to Acreage’s credit agreement dated December 2021, as amended on ...