SMITHS FALLS, ON and TORONTO, Jan. 31, 2017 /CNW Telbec/ - Canopy Growth Corporation (TSX: CGC) ("Canopy Growth" or "the Company) and Mettrum Health Corp. ("Mettrum") (TSX.V:MT) (together, the "Companies") today announced the closing of the acquisition of Mettrum by Canopy Growth pursuant to the terms of an arrangement agreement dated November 30, 2016, as amended, and previously announced by the Companies on December 1, 2016 (the "Transaction").
"We are extremely pleased that we have been able to complete this acquisition," said Bruce Linton, Chairman & CEO, Canopy Growth. "With Mettrum now under the canopy, our cannabis product offerings, brands, production capacity, financial strength, and growth potential, both in Canada and abroad, is truly unparalleled."
As a result of the closing of the Transaction, Mettrum has become a wholly-owned subsidiary of Canopy, trading of Mettrum shares has been halted, and in the normal course, these shares will no longer be listed on TSX Venture Exchange. Upon the completion of the Transaction, Mettrum shareholders will receive 0.7132 common shares of Canopy Growth for each Mettrum common share held immediately prior to the closing.
The process for exchanging the Mettrum common shares is described in the Joint Management Information Circular of the Companies dated December 22, 2016 that was mailed to Mettrum shareholders and is available on SEDAR. Questions related to the share exchange process are to be directed to the Offices of the Depositary, Computershare Investor Services Inc. at 1-800-564-6253.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company, offering diverse brands and curated cannabis strain varieties in dried and oil extract forms. Through its wholly‑owned subsidiaries, Canopy Growth operates numerous state-of-the-art production facilities with over half a million square feet of indoor and greenhouse production capacity. Canopy Growth has established partnerships with leading sector names in Canada and abroad. For more information visit www.canopygrowth.com.
About Mettrum Health Corp.
With three licenses to produce and sell medical cannabis under the Access to Cannabis for Medical Purposes Regulations, Mettrum Health Corp. is a leading producer and vendor of medical cannabis. In addition, through its wholly-owned subsidiary Mettrum Hempworks, Mettrum also is a licensed producer and distribution of industrial cannabis (hemp) products, including Mettrum's functional food line, Mettrum Originals™, under the Industrial Hemp Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada). For more information visit www.mettrum.com.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth Corporation and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and Canopy Growth Corporation does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation
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For further information: Tyler Burns, Investor Relations, Canopy Growth Corporation, Tyler.firstname.lastname@example.org, 1-855-558-9333 ex 122, Director: Bruce Linton, email@example.com, firstname.lastname@example.org