SMITHS FALLS, ON, Oct. 2,
2015 /CNW/ - Canopy Growth Corporation (TSXV: CGC) (the
"Company"), parent company of licensed medical marijuana
producers Tweed Inc. ("Tweed"), Tweed Farms Inc. ("Tweed
Farms") and Bedrocan Canada Inc. ("Bedrocan Canada"), is
pleased to announce it has officially closed the previously
announced acquisition of MedCannAccess ("MCA") in an
all-equity transaction. The acquisition was completed by way of an
amalgamation with a wholly-owned subsidiary of the Company pursuant
to the terms of an Amalgamation Agreement dated September 3, 2015 (the "Amalgamation
Agreement").
Pursuant to the Amalgamation Agreement, 3,316,902 common shares
in the capital of the Company (the "Common Shares") were
issued to former shareholders of MCA, of which 2,449,887 are being
held in escrow and will be either (i) released to the former
shareholders of MCA upon the satisfaction of specific milestones,
or (ii) released to the Company for cancellation. The Common Shares
were deemed to have been issued at a price of $1.73 per share.
In addition to the Common Shares, 924,998 common share purchase
warrants (the "Warrants") were issued to the former
holders of common share purchase warrants of MCA. The
Warrants have an exercise price between $3.68 and $5.70 and expire on May 6, 2016.
About Canopy Growth Corporation
Canopy Growth Corporation is Canada's first publicly
traded medical marijuana company and the first geographically
diversified producer with dual licenses under the Marihuana for
Medical Purposes Regulations. Through its wholly owned
subsidiaries, Tweed, Tweed Farms, and Bedrocan Canada, the Company
operates three state-of-the-art production facilities
in Ontario and distributes marijuana across the country
to Canadian patients managing a host of medical conditions.
The Company is dedicated to educating healthcare practitioners,
providing consistent access to high quality medication, and
furthering the public's understanding of how marijuana is used for
medical purposes. www.tweed.com
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often,
but not always, forward-looking statements 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 involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Canopy Growth Corporation, Tweed
Inc., Tweed Farms Inc. or Bedrocan Cannabis Corp. to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. The
forward-looking statements included in this news release are made
as of the date of this news release and Canopy Growth Corporation
does not undertake an obligation to publicly update such
forward-looking statements to reflect new information, subsequent
events or otherwise unless required by applicable securities
legislation.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Canopy Growth Corporation