WEED - Canopy Is 'Cautiously Optimistic' On Cannabis Rescheduling Following Major Step Toward Entry Into US THC Market | Benzinga
Canopy Growth Corporation's (TSX:WEED) (NASDAQ:CGC) shareholders approved the creation of a new class of exchangeable shares of the company during their special meeting on Friday, April 12, as recommended earlier by Institutional Shareholder Services (ISS).
What Happened
At the meeting, shareholders passed a special resolution authorizing an amendment to the company’s articles of incorporation to create and authorize the issuance of an unlimited number of a new class of non-voting and non-participating exchangeable shares in the capital of Canopy Growth.
The exchangeable shares will not carry voting rights or rights to receive dividends or other rights upon dissolution of Canopy Growth but will be convertible into shares.
A total of 32,250,578 common shares of Canopy, representing 35.40% of the issued and outstanding shares, were voted in connection with the meeting by the company’s shareholders and proxy holders.
See also: Canopy Growth Enters US Market: What’s Next For The Innovative Cannabis Brand?
Why It Matters
The move enables the acceleration of Canopy Growth’s entry into the U.S. THC market, ...