TORONTO, Aug. 24, 2015 /CNW/ - At a special meeting held today, shareholders of Bedrocan Cannabis Corp. (TSXV: BED) ("the Company" or "Bedrocan") overwhelmingly approved the proposed plan of arrangement (the "Arrangement") involving the acquisition by Tweed Marijuana Inc. (TSXV: TWD) ("TMI" or "Tweed") of all of the issued and outstanding common shares of Bedrocan. The Arrangement remains subject to the final approval of the Superior Court of Justice of Ontario at a hearing scheduled to be held on August 26, 2015 and subject to satisfaction or waiver of all other conditions specified in Bedrocan's management information circular dated July 20, 2015. It is expected that the Arrangement will be completed on or about August 28, 2015.
"The resounding approval of our shareholders, strongly validates our strategy of combining the complementary strengths of Tweed and Bedrocan, to create the clear market leader in Canadian cannabis," said Marc Wayne, President and CEO of Bedrocan.
Bedrocan Cannabis Corp. is focused on clinical research, technologically-advanced, automated production processes, and innovative product development. Bedrocan Canada and its licensor Bedrocan Beheer BV (Netherlands) are the only companies in the world currently capable of producing standardized full-bud, pharmaceutical-grade medicinal cannabis.
On June 24, 2015, Tweed Marijuana Inc., operator of licensed cannabis producers Tweed Inc. and Tweed Farms Inc., and Bedrocan announced that the two companies had entered into a definitive arrangement agreement in respect of the Arrangement. Upon closing of the Arrangement, Bedrocan will become a subsidiary of TMI. For further information, please refer to the press release of the Company dated June 24, 2015 available on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the proposed Arrangement, anticipated timing for the closing of the Arrangement, operations of the combined entity, the ability of the combined entity to expand and capture market share. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The closing of the proposed Arrangement is subject to a number of conditions, some of which are outside the control of the parties involved. If those closing conditions are not satisfied the Arrangement may not occur. The combined entity may not be able to achieve the market growth and success anticipated by the parties. For a description of the risks associated with the business conducted by TMI, please refer to TMI's final short-form prospectus dated March 10, 2015. The information circular delivered to shareholders of Bedrocan contains additional disclosure about TMI and the Arrangement, including the risk factors associated therewith. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward looking statements.
SOURCE Bedrocan Cannabis Corp
For further information: Cam Battley, VP Communications and Corporate Development, Bedrocan Cannabis Corp., [email protected], +1.905.864.5525, www.bedrocan.ca