GlobeNewswire

Acreage Obtains Final Order for Plan of Arrangement with Canopy Growth and Confirms Record Date for Acreage Shareholders Entitled to Receive the Option Premium

Share

NEW YORK, June 26, 2019 (GLOBE NEWSWIRE) -- On June 21, 2019, Acreage Holdings, Inc. (“Acreage”) (CSE:ACRG.U) (OTC: ACRGF) (FSE: 0ZV) obtained a final order from the Supreme Court of British Columbia approving the previously announced arrangement under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth”) (TSX:WEED) (NYSE:CGC) (together with Acreage, the “Companies”) (the “Arrangement”). On June 19, 2019, each of Acreage and Canopy Growth received all necessary shareholder approvals in connection with the Arrangement at their respective special shareholder meetings.

Pursuant to the Arrangement, Canopy Growth will be provided with the option (the “Canopy Growth Call Option”) to acquire all of the issued and outstanding shares in the capital of Acreage (each, an “Acreage Share”), with a requirement to do so upon a change in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana (as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”), subject to the satisfaction of certain conditions. Canopy Growth is permitted to waive the Triggering Event.

Acreage and Canopy Growth anticipate implementing the Arrangement on or about June 27, 2019 (the “Initial Effective Date”).  Holders of Acreage Shares and certain securities convertible or exchangeable into Class A subordinate voting shares of Acreage (the “Subordinate Voting Shares”) as of the close of business on June 26, 2019, the business day immediately preceding the Initial Effective Date (the “Record Date”), will be entitled to receive their pro rata portion (on an as converted to Subordinate Voting Share basis) of US$300,000,000 (the “Option Premium”) being paid by Canopy Growth to such persons as consideration for granting the Canopy Growth Call Option. It is expected that the Option Premium will be distributed to such holders of record on or before the third business day following the Initial Effective Date. Pursuant to the payment of the Option Premium, each holder of Acreage Shares and certain other eligible holders of securities exchangeable for Acreage Shares will receive approximately US$2.63 per Subordinate Voting Share (on an as converted to Subordinate Voting Share basis), with the final amount to be received by each holder determined based on the number of Subordinate Voting Shares into which all of the eligible securities would be converted at the close of business on the Record Date.

Following completion of the Arrangement and upon the occurrence or waiver of the Triggering Event, Canopy Growth will exercise the Canopy Growth Call Option and, subject to the satisfaction or waiver of certain closing conditions, acquire (the “Acquisition”) each of the subordinate voting shares in exchange for the payment of 0.5818 of a common share of Canopy Growth (each whole common share, a “Canopy Growth Share”) per subordinate voting share (subject to adjustment in accordance with the terms of the Arrangement).

The Companies believe that the Acquisition will deliver significant benefits that will help accelerate the growth of Acreage across the United States powered by the expertise of the world’s leading cannabis company. In turn, Canopy Growth shareholders will benefit from a national turnkey platform in the United States.

About Acreage

Headquartered in New York City, Acreage is the largest vertically integrated, multi-state owner of cannabis licenses and assets in the U.S. with respect to the number of states with cannabis related licenses, according to publicly available information. Acreage owns licenses to operate or has management or consulting services agreements in place with license holders to assist in operations in 20 states (including pending acquisitions) with a population of approximately 180 million Americans, and an estimated 2022 total addressable market of more than $17 billion in legal cannabis sales, according to Arcview Market Research. Acreage is dedicated to building and scaling operations to create a seamless, consumer-focused branded cannabis experience. Acreage’s national retail store brand, The Botanist, debuted in 2018.

Forward-Looking Statement

This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Companies or their respective subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. These forward-looking statements include, but are not limited to, statements with respect to the implementation of the Arrangement and the timing for its completion; the satisfaction of closing conditions to the Arrangement, including compliance by the Companies with various covenants contained in the arrangement agreement entered into by Acreage and Canopy Growth on April 18, 2019, as ‎amended on May 15, 2019‎; the timing and outcome of the Acquisition; the anticipated benefits of the Acquisition to the Companies and their respective securityholders; and the impact of the Acquisition and anticipated growth of the Companies.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including assumptions as to the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the implementation of the Arrangement; the expected timing for payment of the Option Premium; the occurrence or waiver of the Triggering Event; the ability of the Companies to satisfy, in a timely manner, the conditions to closing following the occurrence or waiver of the Triggering Event; other expectations and assumptions concerning the Acquisition; and such risks contained in the management information circulars of Canopy Growth and Acreage dated May 17, 2019, in Canopy Growth’s annual information form dated June 24, 2019 and in Acreage’s annual information form dated April 24, 2019 and filed with Canadian securities regulators available on Canopy Growth and Acreage’s respective issuer profiles on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.

In respect of the forward-looking statements and information concerning the anticipated benefits and completion of the Acquisition and the anticipated timing for completion of each of the Arrangement and the Acquisition, the Companies have provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time. Although the Companies believe that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Companies do not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

The Acquisition cannot close until the required regulatory approval is obtained. There can be no assurance that the Arrangement or the Acquisition, including the Triggering Event, will occur, or that it will occur on the terms and conditions contemplated in this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Investors are cautioned that, except as disclosed in the management information circulars of Canopy Growth and Acreage dated May 17, 2019, any information released or received with respect to the Arrangement or the Acquisition may not be accurate or complete and should not be relied upon.

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Notification according to chapter 9, section 5 and 6 of the Securities Market Act: BlackRock Inc.’s holding in Metso15.10.2019 10:30:00 CESTPress release

Metso Corporation, Stock exchange release on October 15, 2019, at 11:30 a.m. EET Notification according to chapter 9, section 5 and 6 of the Securities Market Act: BlackRock Inc.’s holding in Metso Metso Corporation has received a notification, pursuant to Chapter 9, Section 5 and 6 of the Finnish Securities Markets Act, about a change in the holding of mutual funds managed by BlackRock, Inc. of the total amount of shares and financial instruments entitling to shares of Metso. On October 11, 2019, BlackRock, Inc.'s holding in Metso shares and in financial instruments entitling to shares exceeded the 5 percent threshold. BlackRock, Inc. had 7,245,872 shares or 4.81 percent of total shares and votes. Its holding through financial instruments amounted to 363,581 shares, which corresponds to 0.24 percent of the total amount of Metso’s shares. On October 11, 2019, BlackRock, Inc.'s total position in Metso amounted to 7,609,453 or 5.06 percent of Metso’s shares and votes. Metso’s total numbe

Conditions for sale of Riksbank certificates15.10.2019 09:30:00 CESTPress release

AUCTION DATE: OCT 15, 2019 START DATE: OCT 16, 2019 MATURITY DATE: OCT 23, 2019 NOMINAL AMOUNT: 389.0 BLN FIXED RATE: -0.25 % PROJECTED LIQUIDITY SURPLUS FOR THE PERIOD OCT 16-23 2019: 434 BLN SEK. AT FULL ALLOTMENT EXCESS LIQUIDITY WILL AMOUNT TO APPROXIMATELY 45 BLN SEK FOR THE PERIOD OCT 16-23 2019. ALL MONETARY POLICY COUNTERPARTIES ARE INVITED TO SUBMIT BIDS TO THE RIKSBANK (08-6966970) BY 10.00 AM ON OCT 15 2019, AT THE LATEST. CONFIRMATION OF BIDS TO E-MAIL: RBCERT@riksbank.se THE LOWEST ACCEPTED BID VOLUME IS SEK 1 MLN. THE HIGHEST ACCEPTED BID VOLUME IS SEK 389.0 BLN. RESULT OF AUCTION WILL BE PUBLISHED AT 10.15 (CEST) ON OCT 15, 2019. COMPLETE TERMS AND CONDITIONS CAN BE RETRIEVED AT WWW.RIKSBANK.SE

RCI Banque discloses binding MREL requirement15.10.2019 09:23:00 CESTPress release

October 15th, 2019 RCI Banque discloses binding MREL(1) requirement RCI Banque has received the draft notification from the Single Resolution Board (SRB) of its binding minimum requirement for own funds and eligible liabilities (MREL). The requirement is in line with our expectations and RCI Banque made the decision not to exercise its « right to be heard ». This MREL requirement has been set at 7.35% of the total liabilities and own funds (TLOF). This is equivalent to 12.27% of RCI Banque’s risk weighted assets (RWA) and has been calibrated based on 2017 Overall Capital Requirement. As of today, RCI Banque already complies with this MREL requirement. Future requirements will be subject to ongoing review. ------------------- (1) MREL: Minimum Requirement for own funds and Eligible Liabilities. The Bank Recovery and Resolution Directive (BRRD) requires European banks to maintain a minimum amount of Own Funds and Eligible Liabilities that could absorb losses and allow them to restore the

In September revenues increased by 30%, substantial increase in all major markets15.10.2019 08:44:00 CESTPress release

JSC Olainfarm preliminary consolidated results for September 2019 indicate that revenues increased by 30% compared to the same month last year and reached 12.4 million euro. At the same time consolidated results for the first nine months of 2019 show that revenues reached 98.8 million euro which is an increase by 11%, compared to the nine-month period of 2018. Extraordinary rapid increase in sales was in Ukraine, Kazakhstan and Uzbekistan markets. Products of Olainfarm Group during this period were sold in 54 markets worldwide. Consolidated sales in September show revenue increase in all of the main markets. In Russia sales grew by 21%, in Latvia by 9%, in Belarus by 67%, in Ukraine by 137%, in Kazakhstan by 823%, in Moldova by 46%, in Uzbekistan by 542%, in Lithuania by 63% and in Poland by 45%. Brazil was among the largest markets where products were sold in amount of 151 thousand EUR. In the nine months of 2019, the main sales markets of Olainfarm Group continued to contribute 78% o

Better Collective’s nomination committee appointed15.10.2019 08:30:00 CESTPress release

Regulatory release 31/2019 Better Collective, the world’s leading developer of digital platforms for bookmaker information, iGaming communities, and betting tips, has appointed its nomination committee, based on ownership data as per August 31, 2019. Better Collective’s nomination committee shall consist of four members, representing the three largest shareholders as per the end of August each year, together with the chairman of the board of directors. On August 31, 2019, the three largest shareholders were Chr. Dam Holding, J. Søgaard Holding, and Bumble Ventures which due to their interlinked ownership are grouped. In accordance with shareholders’ decision, the nomination committee has been appointed and is composed by four members in total: Daniel Nyvang Mariussen, chairman, appointed by Chr. Dam Holding, J. Søgaard Holding, and Bumble Ventures Martin Jonasson, appointed by Andra AP-Fonden Michael Knutsson, appointed by Knutsson Holdings Jens Bager, Chairman of the board of director