Supreme Cannabis shareholders vote to approve $435M deal with Canopy Growth

Staff work in a marijuana grow room that can be viewed by at the new visitors centre at Canopy Growth facility in Smiths Falls, Ont., Thursday, Aug. 23, 2018. Supreme Cannabis shareholders have voted in favour of the company being sold to Canopy Growth Corp. for $435 million. THE CANADIAN PRESS/Sean Kilpatrick

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.

This report by The Canadian Press was first published June 10, 2021.

Companies in this story: (TSX:WEED, TSX:FIRE)

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