Shareholders of Canadian cannabis company Canopy Growth Corp. have voted in favor of a new exchangeable share structure meant to enable Canopy’s planned entry into the American marijuana market via a U.S.-domiciled holding company, Canopy USA.
Canopy shareholders voted 95.5% in favor of the plan during a Friday meeting, according to a Monday news release.
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The new share structure will allow Canopy to issue “an unlimited number of a new class of non-voting and non-participating exchangeable shares” without voting or dividend rights, which can be converted into common Canopy shares.
Acreage, Jetty Wana moves next
Canopy USA will then exercise options to acquire Canopy’s existing U.S. cannabis assets, including Acreage Holdings, Jetty Extracts and Wana Brands.
“Canopy Growth is expected to deconsolidate the
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