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Last Post: 10/15/2020 6:19:14 PM - Followers: 3 - Board type: Free - Posts Today: 0

Acreage: This Canopy Doesn't Protect (OTCMKTS:ACRGF) | Seeking Alpha

 

Building Value for Acreage Holdings

Amended Arrangement with Canopy Growth

Acreage and Canopy Growth Corporation (“Canopy Growth”) entered into a new agreement to better align the terms of the existing arrangement involving Canopy Growth with broader market and economic factors, to provide Acreage shareholders with an initial up-front payment in connection with the modification of Canopy Growth's rights, including the extension of the term, and to give Acreage shareholders the ability to participate in upside potential upon the “Triggering Event”. Readers should refer to the proxy statement and management information circular mailed to Acreage’s shareholders in connection with the special meeting to be held on September 16, 2020.

KEY TRANSACTION HIGHLIGHTS & BENEFITS:

  • Provides Up-Front Cash Payment. Canopy Growth will pay Acreage shareholders and certain convertible security holders an aggregate of US$37,500,024 (approximately US$0.30 per existing subordinate voting share (the “Existing SVS”) on an as converted basis, with the final amount to be received by each holder determined based on the number of shares at the close of business on the record date for the distribution).

    Attractive Valuation Premium. Acreage shareholders will be entitled to receive new subordinate voting shares (the “Fixed Shares”) to be created pursuant to the amended arrangement. Each holder of existing shares of Acreage (the “Existing Shares”) will receive Fixed Shares in an amount equal to 70% of their Existing Shares. On closing of the acquisition following the occurrence or waiver of the Triggering Event, each holder of a Fixed Share will be entitled to receive 0.3048 of a share of Canopy Growth for each Fixed Share held, representing a premium of approximately 120% to the June 24, 2020 closing price of the Existing SVS on the Canadian Securities Exchange (the “CSE”).

    Provides Potential Upside with Floating Shares. Acreage shareholders will be entitled to participate in the long-term value created by Acreage, and in the U.S. cannabis industry generally, as a result of the new subordinate voting shares (the “Floating Shares”) to be created pursuant to the amended arrangement. Each holder of Existing Shares will receive Floating Shares in an amount equal to 30% of their Existing Shares. On closing of the acquisition following the occurrence or waiver of the Triggering Event, Canopy Growth may acquire the Floating Shares at a price based upon the 30-day volume-weighted average trading price of the Floating Shares on the CSE relative to the trading price of the shares of Canopy Growth on the NYSE at that time, subject to a minimum of US$6.41 per Floating Share.

    Alignment with Economic and Financial Market Conditions. Considering the challenging economic environment and increasingly difficult and volatile financial market conditions, particularly for cannabis companies, Acreage determined that the new arrangement with Canopy Growth represents the best current prospect for viability and the preservation of value for Acreage shareholders.

"The United States is going to be a core market for Canopy Growth and this new agreement solidifies our path forward with Acreage," said David Klein, Chief Executive Officer of Canopy Growth. "I am excited to bring our relationship with Acreage back to centre stage in our U.S. strategy and look forward to a time when the laws in the United States permit us to finalize this transaction as we march toward bringing our exciting beverage products to the US."



GLOBE NEWSWIRE

 
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Acreage Holdings, Inc.

Acreage Begins Trading on the OTCQX Best Market

NEW YORK, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage”) (CSE:ACRG.A.U, ACRG.B.U), (OTCQX: ACRHF, ACRDF) today announced that both its new Class D “floating” shares (OTCQX:..

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Acreage Secures Three-Year Term Loan, Repays Short-Term Convertible Note

NEW YORK, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage”) (CSE:ACRG.A.U, ACRG.B.U), (OTC: ACRHF, ACRDF) today announced it has closed a financing transaction with an...

 

 

Acreage Announces Opening of Nature’s Care Dispensary in Chicago’s West Loop

NEW YORK, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage”) (CSE:ACRG.A.U, ACRG.B.U), (OTC: ACRHF, ACRDF) announced today’s opening of its first downtown Chicago cannabis...

September 28, 2020 

 
 

Acreage Announces Upcoming Conference Presentations 

NEW YORK, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage” or the “Company”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) a vertically integrated, multi-state operator of cannabis...

September 17, 2020 

 
 

Acreage Shareholders Approve Amended Arrangement Involving Canopy Growth

NEW YORK, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0ZV) today announced that, at a special meeting of Acreage shareholders (the...

September 16, 2020 

 
 

ISS and Glass Lewis Support Acreage Holdings’ Amended Plan of Arrangement with Canopy Growth and Recommend that Shareholders Vote FOR the Amendment Resolution

Shareholders are reminded to vote “FOR” the Amendment Resolution ahead of the voting deadline on September 14, 2020 at 11:00 a.m. (New York time)Don’t delay. Vote today: For assistance with voting...

September 09, 2020 

 
 

Acreage Holdings Announces Filing of Proxy Statement Related to Amended Arrangement with Canopy Growth

NEW YORK, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage” or “the Company”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) is pleased to announce that it: (i) obtained an interim order...

August 18, 2020 

 
 

Acreage Announces Amendment of Warrant Terms

NEW YORK, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage” or “Company”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) today announces its intention to amend the term and exercise price...

August 17, 2020 

 
 

Acreage Announces Sale of Maryland Dispensary

NEW YORK, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage” or the “Company”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ), a vertically integrated, multi-state operator of cannabis...

August 12, 2020 

 
 

Acreage Holdings Reports Second Quarter 2020 Results

NEW YORK, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) today reported financial results for the second quarter of 2020. SECOND...

August 11, 2020 

 
 

Acreage Announces Upcoming Conference Presentations

NEW YORK, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage” or the “Company”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) a vertically integrated, multi-state operator of cannabis...

August 05, 2020

 
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ACRHF News: Securities Registration Statement (s-1) 02/08/2021 08:50:36 AM
ACRHF News: Current Report Filing (8-k) 01/28/2021 04:12:19 PM
ACRHF News: Withdrawal of Registration Statement (rw) 01/26/2021 04:12:36 PM
ACRHF News: Statement of Changes in Beneficial Ownership (4) 01/13/2021 04:22:15 PM
ACRHF News: Current Report Filing (8-k) 01/13/2021 08:22:38 AM
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