The first-of-its-kind agreement between the two companies would result in Canopy Growth acquiring Acreage whenever cannabis sales become legalized on the federal level in the U.S.
The agreement requires at least 66% approval from shareholders of both companies in order to close. Acreage said that shareholders holding an aggregate of approximately 91% of all eligible votes have indicated their support for the proposed arrangement with Canopy.
"Our executives remain 110% committed to the long-term Acreage story," said Kevin Murphy, founder and CEO of Acreage Holdings. "Additionally, I'm proud to say that shareholders representing approximately 38% of votes eligible to be counted for purposes of the disinterested shareholder approval have already indicated their support of the deal. This is a clear indication of the unyielding support of our long-term shareholders, for which I'm eternally grateful."
Canopy Growth shares were up 0.6% in trading Tuesday. Acreage shares were inactive.