Canopy Growth and Acreage Holdings Deal to Form World’s Largest Marijuana Company Gets Shareholder Approval

Canopy Growth收购Acreage获得股东批准,将组成全球最大的大麻公司

2019-06-20 22:06:00 Barrons.com

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Canada’s leading pot producer Canopy Growth said Wednesday that shareholders approved its deal to acquire the American cannabis chain Acreage Holdings—contingent on the U.S. Congress permitting the growth, sale, and possession of marijuana. While legal in the states where Acreage operates, cannabis is still illegal under U.S. federal law. Over 99% of the voting shareholders approved the transaction, Canopy said. In after-hours trading, Canopy stock (ticker: CGC) was basically flat at $42.85. Trading over the counter and on the Canadian Securities Exchange (ACRGF or ACRG.U.Canada), Acreage closed up 3% Wednesday, at $19.56. The companies said they hoped to complete the first stage of the deal this month, including a $300 million cash payment that will go to Acreage stockholders, but not the New York-based company itself. Acreage will benefit, Canopy has argued, from immediate access to Canopy’s cannabis brands and know-how, plus the ability to make acquisitions by issuing over $1 billion worth of securities that could eventually convert into Canopy stock if Congress permits the drug. If the specified changes in U.S. law occur, Canopy will exchange 0.5818 of a share for each share of Acreage. When they announced the deal in April, the companies valued Canopy’s offer at $3.4 billion. With Canopy itself backed by 38% owner Constellation Brands (STZ), the addition of Acreage would make for a formidable North American alcohol and cannabis enterprise. Canadian rivals Aurora Cannabis (ACB), Tilray (TLRY), and Aphria (APHA) will now be pressed to keep pace. Canopy also said Wednesday that it is building its U.S. production of cannabidiol—or CBD—the now federally legal ingredient of the cannabis strain hemp. Those operations would be used for marijuana, once federal law allows. “Completion of the [t]ransaction is intended to position us to efficiently and effectively enter the U.S. cannabis market once federally permissible,” said Canopy Chief Executive Bruce Linton, in Wednesday’s statement. “Alongside our international market strategies and U.S. [h]emp strategy, we believe the acquisition of Acreage will be a key step in bolstering our position as a truly global company.”
加拿大领先的大麻生产商大麻生长周三表示,股东们批准了收购美国大麻连锁公司 Acreage Holdings 的交易,前提是美国国会允许大麻的增长、出售和持有。虽然在 Acreage 运营的州是合法的,但根据美国联邦法律,大麻仍然是非法的。 Canopy 表示,超过99%的投票股东批准了这笔交易。盘后交易中, Canopy 股票(股票代码: CGC )基本持平,为42.85美元。Acreage 周三收盘上涨3%,收于19.56美元。 两家公司表示,希望本月完成交易的第一阶段,包括向 Acreage 股东支付3亿美元现金,但不包括总部位于纽约的 Acreage 公司本身。Canopy 认为,通过立即获得 Canopy 的大麻品牌和专有技术,再加上通过发行价值超过10亿美元的证券进行收购的能力,如果国会允许,这些证券最终可能转化为 Canopy 股票,那么 Acreage 将从中受益。 如果美国法律发生规定的变化, Canopy 将为 Acreage 的每股股票交换0.5818股。今年4月宣布交易时,两家公司对 Canopy 的报价估值为34亿美元。 Canopy 本身有38%的所有者支持星座品牌( STZ ),加入 Acreage 将成为一个强大的北美酒精和大麻企业。加拿大竞争对手奥罗拉(Aurora) Cannabis( ACB ),Tilray( TLRY )和 Aphria ( APHA )现在将被要求跟上步伐。Canopy 周三还说,它正在建设美国的大麻生产——即 CBD ——现在大麻的联邦法律成分。一旦联邦法律允许,这些行动将用于大麻。 Canopy 首席执行官布鲁斯•林惇( Bruce Linton )在周三的声明中说:“完成这次赎金行动,是为了使我们能够在联邦政府允许的情况下,有效地进入美国大麻市场。”“除了我们的国际市场战略和美国的 emp 战略,我们相信收购 Acreage 将是巩固我们作为真正的全球公司地位的关键一步。”

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