On December 9, 2024, Canopy USA, LLC acquired all of the issued and outstanding shares of Acreage Holdings, Inc. pursuant to the (i) arrangement agreement dated April 18, 2019, as amended between Canopy Growth Corporation and Acreage Holdings, Inc. and the amended and restated plan of arrangement in connection therewith; and (ii) arrangement agreement dated October 24, 2022, as amended, among Canopy Growth, Acreage and Canopy USA and the plan of arrangement in connection therewith.
Pursuant to the transaction, each of Acreage’s Class D shares was exchanged for 0.045 of a Canopy Growth share and each of Acreage’s Class E shares was exchanged for a fraction of a Canopy Growth share.
In addition, immediately prior to closing, Canopy Growth issued shares with a value of US$19.5 million to an eligible participant pursuant to Acreage’s tax receivable bonus plans and immediately following the closing, Canopy Growth issued 1,315,553 shares and 1,197,658 common share purchase warrants in order to satisfy an outstanding liability.
Cassels acted for Canopy Growth.