Acreage Holdings (CSE:ACRG.U, OTCQX:ACRGF,FWB:0VZ) was featured in an article by Bloomberg about Canopy Growth’s (TSX:WEED,NYSE:CGC) planned acquisition of the company. According to the article, one of Acreage’s shareholders has come out in favor of its sale to the Canadian cannabis company. Cresco Capital Partners LLC has been an Acreage shareholder since 2015 and believes that the company’s association with Canopy will give it a capital boost before the deal closes.
“I think at the end of the day people will take a step back and realize that the positives far outweigh the negatives on this,” said Cresco Capital Founder and Managing Partner Matt Hawkins.
Hawkins sent a letter of support to his fund’s investors on Thursday arguing that the consolidation would benefit both Acreage and the cannabis industry as a whole. He believes that despite the difference between the offer price and Acreage’s current share price, shareholders will approve the deal at the vote on June 19. The offer requires the backing of two-thirds of Acreage’s shareholders.
As part of the deal, Acreage investors will receive $300 million in cash up front, with the remainder to be paid in Canopy shares if US laws change. Acreage is allowed to issue up to 58 million subordinate voting shares before US legalization, and those shares will become Canopy stock if the deal is completed giving Acreage “a very attractive piece of paper to be utilizing in transactions,” according to Hawkins. In Canopy’s filing on Thursday, the company stated that it could waive the US legalization contingency if the New York Stock Exchange or the Toronto Stock Exchange change their listing rules.
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American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).