Buying Supreme Cannabis will move us closer to profitability: Canopy Growth CEO
TORONTO - Supreme Cannabis shareholders have voted in favour of the company being sold to Canopy Growth Corp. for $435 million.
Supreme says 81.05 per cent of the votes cast were in favour of the deal.
The sale needed at least a two-thirds majority vote to be approved.
Under the deal, Supreme shareholders will receive 0.01165872 of a Canopy common share and 0.01 of a cent in cash for each Supreme share held.
When Canopy announced it was buying Supreme in April, it had already garnered support from the boards of both companies but required approvals from shareholders and regulators.
The deal will unite Smiths Falls, Ont.-based Canopy's brands including Tweed, Tokyo Smoke, Quatreau and Doja with Supreme's 7Acres, Sugarleaf and Hi-way lines.