TORONTO, June 10, 2021 /CNW/ - The Supreme Cannabis
Company, Inc. ("Supreme" or the "Company" or
"we") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is pleased to
announce that, at its special meeting (the "Supreme
Meeting") of shareholders of Supreme ("Supreme
Shareholders"), Supreme Shareholders approved the plan of
arrangement (the "Arrangement") with Canopy Growth
Corporation ("Canopy"), pursuant to which, among other
things, Canopy will acquire all of the issued and outstanding
common shares of Supreme ("Supreme Shares") for
consideration consisting of 0.01165872 of a Canopy common share and
$0.0001 in cash in exchange for each
Supreme Share held, which was previously announced on April 8, 2021.
The Arrangement required approval by at least two-thirds
(662/3%) of the votes cast by Supreme Shareholders on
the resolution approving the Arrangement, present virtually or
represented by proxy and entitled to vote at the Supreme
Meeting.
Of the votes cast at the Supreme Meeting with respect to the
Arrangement, an aggregate of 203,207,997 Supreme Shares were voted
in favour of the Arrangement, representing approximately 81.05% of
the votes cast.
Supreme's full report of voting results will be filed on
SEDAR (www.sedar.com) under Supreme's issuer profile.
Supreme intends to seek a final order of the Ontario Superior
Court of Justice (Commercial List) to approve the Arrangement at a
hearing expected to be held on June 15,
2021. Assuming timely receipt of all necessary court,
third-party approvals and the satisfaction of all other conditions,
closing of the Arrangement is expected to occur on or about
June 17, 2021.
Further information about the Arrangement is available in the
management information circular (the "Information Circular") dated
May 11, 2021 and related proxy
materials, which are available on SEDAR under Supreme's issuer
profile and on Supreme's website at
https://www.supreme.ca/canopy-growth-acquisition.
ABOUT SUPREME CANNABIS
The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX:
SPRWF) (FRA: 53S1), is a global diversified portfolio of distinct
cannabis companies, products and brands. Since 2014, the Company
has emerged as one of the world's most premium producers of
recreational, wholesale and medical cannabis products.
Supreme's portfolio of brands caters to diverse consumer and
patient experiences, with brands and products that address
recreational, wellness, medical and new consumer preferences. The
Company's recreational brand portfolio includes, 7ACRES, 7ACRES
Craft Collective, Blissco, sugarleaf, and Hiway. Supreme addresses
national and international medical cannabis opportunities through
its premium Truverra brand.
Supreme's brands are backed by a focused suite of world-class
operating assets that serve key functions in the value chain,
including, scaled cultivation, value-add processing, automated
packaging and product testing and R&D. Follow the Company on
Instagram, Twitter, Facebook, LinkedIn and YouTube. We simply
grow better.
FORWARD LOOKING STATEMENTS
This news release contains "forward-looking statements"
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 Supreme or its 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. Examples of such
statements include statements with respect to the timing of the
final order hearing and the closing of the
Arrangement. 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 and court approvals; the ability of the parties to
satisfy, in a timely manner, the other conditions to the completion
of the Arrangement; risks related to the value of the Canopy common
shares to be issued pursuant to the Arrangement; regulatory and
licensing risks; changes in general economic, business and
political conditions, including changes in the financial and stock
markets; risks related to infectious diseases, including the
impacts of the Covid-19 pandemic; legal and regulatory risks
inherent in the cannabis industry, including the global regulatory
landscape and enforcement related to cannabis, political risks and
risks relating to regulatory change; risks relating to anti-money
laundering laws; compliance with extensive government regulation
and the interpretation of various laws regulations and policies;
public opinion and perception of the cannabis industry; and such
other risks contained in the public filings of Supreme filed with
Canadian securities regulators and available under Supreme's
profile on SEDAR at www.sedar.com, including the Information
Circular and Supreme's annual information form for the year ended
June 30, 2020. Although Supreme
believes 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. Should one or
more of the foregoing risks or uncertainties materialize, or should
assumptions underlying the forward-looking information prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Although Supreme has attempted to identify important
risks, uncertainties and factors which could cause actual results
to differ materially, there may be others that cause results not to
be as anticipated, estimated or intended. The forward-looking
information and forward-looking statements included in this news
release are made as of the date of this news release and Supreme
does not undertake any 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.
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SOURCE The Supreme Cannabis Company, Inc.