Canadian cannabis company Canopy Growth Corp. exercised its option to acquire American marijuana multistate operator Acreage Holdings.
Canopy USA, Canopy Growth’s U.S.-domiciled holding company, will acquire all of Acreage’s fixed shares and floating shares in a deal expected to close in the first half of 2025, according to a Tuesday news release.
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Smiths Falls, Ontario-headquartered Canopy Growth also exercised its option to acquire $99.8 million of Acreage’s outstanding debt in exchange for $69.8 million in cash and the discharge of roughly $30.1 million that was held in escrow, the release noted.
Acreage has defaulted on debt payments and has an accumulated deficit of $775 million, according to Green Market Report.
However, the MSO reported it had $7.3 million in cash and $365.2 million
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