Shareholders approve planned cannabis merger of Canopy Growth and Acreage

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Shareholders at both Acreage Holdings  (CSE: ACRG.U) and Canopy Growth (NYSE: CGC; TSX: WEED) voted in favor of the planned $3.4 billion merger between two of the biggest cannabis companies in North America.

Canopy said in a news release that 99.05% of its shareholders who voted approved the transaction.

“Completion of the transaction is intended to position us to efficiently and effectively enter the U.S. cannabis market once federally permissible,” Bruce Linton, chairman and co-CEO of Canopy Growth, said in the announcement.

The eventual deal is dependent on the federal legalization of cannabis in the United States, the so-called “triggering event.”

For more analysis of the implications of today’s shareholder approvals, sign up for a premium membership to Investor Intelligence.

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