Canopy Rivers (TSX: RIV) (OTC: CNPOF) shareholders have voted to approve the company’s previously announced plan of arrangement regarding Canopy Growth Corporation. Shareholder voting resulted in 99.87% of votes cast by Rivers’ shareholders cast in favor of the arrangement; that number included an estimated 99.85% of votes cast by Rivers’ shareholders other than Canopy Growth. According to the previously announced arrangement, approval was required from at least two-thirds of the votes cast by the holders of subordinated voting shares as well as two-thirds of votes cast by Canopy Growth and a simple majority of votes cast by holders of SVS (“SVS”). The announcement also noted that Les Serres Stéphane Bertrand Inc. had exercised its right of first refusal to purchase from Rivers a proportionate interest of the common shares in Les Serres Vert Cannabis Inc. Based on that, Canopy Rivers, through RIV Capital Corporation, its wholly owned subsidiary, has entered into a definitive purchase agreement with Serres Bertrand. “We are thrilled by both the high voting turnout and the tremendous support we received for the Arrangement,” said Canopy Rivers president and CEO Narbe Alexandrian in the press release. “We believe that this deal provides substantial value to shareholders, which was highlighted by the overwhelming support we received today. We look forward to delivering on this vote of confidence as we execute on our new strategy focused on opportunities in the U.S. market.”
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About Canopy Rivers
Canopy Rivers is an investment and acquisition company specializing in cannabis with a portfolio of 17 companies across various segments of the cannabis value chain. The company believes that bringing together people, capital and ideas raises the potential of the entire cannabis industry. By leveraging its industry insights, in-house expertise and thesis-driven approach to investing, Canopy Rivers aims to provide shareholders with exposure to specialized and disruptive cannabis companies. As part of the arrangement, the company will also change its corporate name to RIV Capital Inc. Canopy Rivers expects that further updates will be communicated under the new corporate name following the close of the arrangement. For more information about this company, please visit www.CanopyRivers.com.
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