TORONTO – The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), announced Supreme Shareholders approved the plan of arrangement with Canopy Growth Corporation, pursuant to which, among other things, Canopy will acquire all of the issued and outstanding common shares of Supreme for consideration consisting of 0.01165872 of a Canopy common share and $0.0001 in cash in exchange for each Supreme Share held, which was previously announced on April 8, 2021.
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 81.05% of the votes cast.
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.
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.
We seek Safe Harbor.