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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Canopy Growth Corp    WEED   CA1380351009

CANOPY GROWTH CORP

(WEED)
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Canopy Growth : shareholders approve proposed acquisition of Acreage Holdings

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06/19/2019 | 06:07pm EDT

SMITHS FALLS, Ont.Canopy Growth Corp. says its shareholders approved transactions connected to the company's proposed acquisition of U.S. cannabis company Acreage Holdings.

The Smiths Falls, Ont.,-based cannabis producer says 99.05 per cent of its shareholders voted in favour of a resolution at a special meeting held today.

The resolution approves issuing Canopy Growth common shares and making certain amendments to some company warrants in connection with the proposed acquisition.

It says Acreage shareholders also approved the transaction at a special meeting held simultaneously.

The approvals come after a U.S. hedge fund said in May that it will vote against the US$3.4-billion offer because it is "unbelievably lopsided" in favour of Canopy Growth.

The two companies expect the transaction to close on or close to June 27 and it is subject to approval by the Supreme Court of British Columbia and other closing conditions.

Canopy Growth CEO Bruce Linton says in a statement that the transaction's completion "is intended to position us to efficiently and effectively enter the U.S. cannabis market once federally permissible."

Companies in this story: (TSX:WEED)

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
ACREAGE HOLDINGS INC 3.45% 15 Delayed Quote.-23.68%
CANOPY GROWTH CORP 2.43% 47.69 Delayed Quote.27.18%
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Financials (CAD)
Sales 2020 729 M
EBIT 2020 -581 M
Net income 2020 -524 M
Finance 2020 2 332 M
Yield 2020 -
P/E ratio 2020 -34,5x
P/E ratio 2021 -84,9x
EV / Sales2020 18,9x
EV / Sales2021 10,4x
Capitalization 16 100 M
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Technical analysis trends CANOPY GROWTH CORP
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 68,30  CAD
Last Close Price 46,56  CAD
Spread / Highest target 115%
Spread / Average Target 46,7%
Spread / Lowest Target -31,3%
EPS Revisions
Managers
NameTitle
Bruce Linton Chairman & Co-Chief Executive Officer
Mark Zekulin President & Co-Chief Executive Officer
Timothy R. Saunders Chief Financial Officer & Executive Vice President
Amanda Daley Vice President-Medical
Ru Wadasinghe Chief Information Officer
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