Canopy Growth acquires The Supreme Cannabis Company
On June 23, 2021, Canopy Growth Corporation ("Canopy") and The Supreme Cannabis Company, Inc. ("Supreme Cannabis") announced the completion of the previously announced definitive arrangement agreement under which Canopy acquired all of Supreme Cannabis' issued and outstanding common shares in a transaction valued at approximately C$435 million on a fully-diluted basis.
Under the terms of the arrangement agreement, announced on April 8, 2021, Supreme Cannabis shareholders received 0.01165872 of a Canopy common share and C$0.0001 in cash in exchange for each Supreme Cannabis share held.
The transaction was effected by way of a court-approved plan of arrangement under the Business Corporations Act (Canada).
As a result of the arrangement, Supreme Cannabis has become a wholly-owned subsidiary of Canopy and the Supreme Shares were de-listed from the Toronto Stock Exchange on or about June 23, 2021.
Further information can be found on Canada Newswire’s website.
Supreme Cannabis is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, it has emerged as one of the world's most premium producers of recreational, wholesale and medical cannabis products.
Canopy Growth is a world-leading diversified cannabis and cannabinoid-based consumer product company.