Hiku Shareholders Approve Previously Announced Plan of Arrangement with Canopy Growth Corporation
TORONTO, Aug. 30, 2018 /CNW/ – Hiku Brands Company Ltd. (CSE: HIKU) (“Hiku” or the “Company”), is pleased to announce the results of its special meeting (the “Meeting”) of holders of the common shares of Hiku (the “Shareholders”) held today. At the Meeting, Shareholders passed a resolution to approve the Corporation’s previously announced plan of arrangement under the Business Corporations Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth”) (TSX: WEED) (NYSE: CGC), pursuant to which Canopy Growth has agreed to acquire all of the common shares of Hiku (the “Arrangement”).
The required shareholder approval thresholds were met, with the Arrangement being approved by approximately 99.4% of the votes cast by Shareholders present in person or represented by proxy at the Meeting. Approximately 52.64% of the common shares of Hiku were represented in person or by proxy at the Meeting.
Completion of the Arrangement is subject to the receipt of a final order of the Supreme Court of British Columbia (the “Court”), which is expected to be sought on September 4, 2018. In addition, certain closing conditions customary in transactions of this nature are required in order for the Arrangement to occur. Provided that approval of the Court is granted and all other closing conditions are satisfied or waived, Hiku expects the Arrangement to be completed on or about September 5, 2018, following which the common shares of Hiku will be de-listed from the Canadian Securities Exchange.
Prior to closing of the Arrangement, it is anticipated that trading of the common shares of Hiku will be halted on the Canadian Securities Exchange as of noon on August 31, 2018.
Hiku is focused on building a portfolio of engaging cannabis brands, unsurpassed retail experiences and handcrafted cannabis production. With a national retail footprint led by Tokyo Smoke, craft cannabis production through DOJA Cannabis Ltd.’s ACMPR licensed grow, Van der Pop’s female-focused educational platforms, and Maïtri, Hiku’s Quebec-based cannabis brand featuring high quality handmade accessories, Hiku houses an industry-leading portfolio that aims to set the bar for cannabis brands in Canada.
Hiku’s wholly-owned subsidiary, DOJA Cannabis Ltd., is federally licensed to cultivate and sell cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations (Canada) (“ACMPR”), owning two production facilities in the heart of British Columbia’s Okanagan Valley. Hiku’s subsidiary, TS Brandco Holdings Inc. (“Tokyo Smoke”), has been conditionally awarded one of four master retail licenses in Manitoba. Hiku also operates a network of retail stores selling coffee, clothing and curated accessories, across British Columbia, Alberta and Ontario.