: Acreage wins approval from British Columbia for Canopy Growth transaction and extends the exercise date by 60 days
U.S.-based cannabis company Acreage Holdings Inc. ACRDFACRHF said Tuesday it has won final approval from the Supreme Court of British Columbia for its previously-announced floating share agreement as part of an acquisition of the company by Canopy Growth Corp. CGCCA:WEED. Last week, Acreage shareholders approved the deal at a special meeting. Canopy and Canopy USA and Acreage amended their floating share arrangement to extend the exercise outside date to May 31 from March 31, or such later date as may be agreed to in writing. Canopy Growth initially announced the transaction in October to exercise options it had to acquire Acreage, Wana Brands and Jetty Extracts to fast-track its U.S. business. Canada-based Canopy Growth is backed by spirits giant Constellation Brands Inc. STZ. Acreage stock is up 1% in 2023 compared to a 20% drop by the Global X Cannabis ETF POTX and a loss of 12.9% by the AdvisorShares Pure U.S. Cannabis ETF MSOS.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.