Glass Lewis recommends Acreage shareholders vote for Canopy Growth arrangement

Acreage Holdings announced that Glass, Lewis & Co., has recommended that holders of Acreage’s Class D subordinate voting shares vote in favor of its proposed arrangement with Canopy Growth Corporation and Canopy USA, and matters related thereto, at Acreage’s special meeting of Floating Shareholders to be held on March 15, 2023. In making its recommendation, Glass Lewis stated the following: "In light of the anticipated strategic and financial benefits of the combined company and considering the restrictive covenants of the current Arrangement Agreement, we believe the proposed transaction represents an attractive outcome for Floating Shareholders which will receive an equity stake in Canopy at what we consider a fair exchange ratio. As such, we believe shareholders can reasonably support this proposal." In accordance with the terms of the arrangement agreement dated October 24, 2022 among the Company, Canopy and Canopy USA, Canopy has agreed, subject to the terms and conditions set forth therein, to exercise its option pursuant to the arrangement agreement between Canopy and Acreage dated April 18, 2019, as amended to acquire Acreage’s outstanding Class E subordinate voting shares representing approximately 70% of the total shares of Acreage as at the date hereof, at a fixed exchange ratio of 0.3048 of a common share of Canopy for each Fixed Share, such exercise to occur no later than five business days following the satisfaction of all required conditions.