Mettrum Receives Court Approval in Connection with Proposed Plan of Arrangement with Canopy Growth Corporation
TORONTO and SMITHS FALLS, ON, Jan. 30, 2017 /CNW/ - Mettrum Health Corp. ("Mettrum") (TSXV: MT) and Canopy Growth Corporation (TSX: CGC) ("Canopy Growth", and together with Mettrum, the "Companies") are pleased to announce that the Ontario Superior Court of Justice has issued a final order approving the proposed acquisition by Canopy Growth of all of the issued and outstanding common shares of Mettrum by way of a plan of arrangement (the "Arrangement"), as previously announced by the Companies on December 1, 2016.
Completion of the Arrangement remains conditional on certain closing conditions customary for transactions of this nature pursuant to the terms of the definitive arrangement agreement dated November 30, 2016, as amended. Subject to the satisfaction or waiver of all such closing conditions, it is anticipated that the Arrangement will be completed after the markets have closed on January 31, 2017.
The Arrangement, if completed, will result in the creation of a world-leading diversified cannabis company with six licensed facilities and a licensed production footprint of approximately 665,000 sq. ft. with significant acreage for expansion. Following completion of the Arrangement, Mettrum will become a wholly-owned subsidiary of Canopy Growth, trading of Mettrum's common shares on the TSX Venture Exchange will be halted after closing on January 31 and Mettrum's common shares will be delisted from the TSX Venture Exchange in the normal course shortly thereafter.
About Mettrum Health Corp.
Mettrum Health Corp. is a Tier 1 Industry Issuer listed on TSX Venture Exchange. With three licenses to produce and sell medical cannabis under the Access to Cannabis for Medical Purposes Regulations, Mettrum Health Corp. is a leading producer and vendor of medical cannabis. In addition, through its wholly-owned subsidiary Mettrum Hempworks, Mettrum also is a licensed producer and distribution of industrial cannabis (hemp) products, including Mettrum's functional food line, Mettrum Originals™, under the Industrial Hemp Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada). For more information, visit www.mettrum.com.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company, offering diverse brands and curated cannabis strain varieties in dried and oil extract forms. Through its wholly-owned subsidiaries, Tweed, Tweed Farms, and Bedrocan Canada, Canopy Growth operates three state-of-the-art production facilities with over half a million square feet of indoor and greenhouse production capacity. Canopy Growth has established partnerships with leading sector names in Canada and abroad. For more information, visit www.canopygrowth.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are generally identifiable by use of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" or the negative of these words or other variations on these words or comparable terminology and include statements with respect to all regulatory approvals and the completion of the Arrangement. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Mettrum and Canopy Growth disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
None of the TSX Venture Exchange, TSX Exchange nor their Regulation Services Provider (as that term is defined in their respective policies) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation