Origin House Announces Significant Support to date for Pending Transaction with Cresco Labs
13 Dec, 2019, 08:30 ET
- Of votes cast to date, 99.23% are in favour of the Arrangement.
- Shareholder voting deadline is Friday, December 27, 2019 at 10:00 am ET with Special Meeting of Shareholders to be held on Tuesday, December 31, 2019.
OTTAWA, Dec. 13, 2019 /CNW/ - CannaRoyalty Corp. d/b/a Origin House (CSE: OH) and (OTCQX: ORHOF) ("Origin House" or the "Company"), a North American cannabis products and brands company, today announced that, based on the votes cast to date, the Company has received overwhelming support in respect of the statutory plan of arrangement (as amended, the "Arrangement") pursuant to which Cresco Labs Inc. ("Cresco Labs") will acquire all of the issued and outstanding shares of Origin House. As of close of markets on December 12, 2019, the trading day prior to the dissemination of this press release, of the votes cast, 99.23% are in FAVOUR of the Arrangement, with votes representing 23.17% of all eligible votes having been cast to date. The Board of Directors of Origin House encourages shareholders to vote in FAVOUR of the Arrangement, before the deadline of Friday, December 27, 2019 at 10:00 am ET.
Under the terms of the Arrangement, Origin House shareholders will ultimately receive 0.7031 of a subordinate voting share of Cresco Labs ("Cresco Labs Share") for each common share of Origin House held and 70.31 Cresco Labs Shares for each class A compressed share of Origin House held, provided that such share entitlement may be subject to downward adjustment in accordance with the terms and conditions of the Arrangement. The board of directors of Origin House unanimously recommends that shareholders vote FOR the Arrangement.
Additional information in relation to the Arrangement can be found in the management information circular dated November 26, 2019. The meeting materials are available on Origin House's website at originhouse.com and filed under Origin House's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
The special meeting of Origin House shareholders will be held at the offices of Norton Rose Fulbright Canada LLP located at Suite 3000, 222 Bay Street, Toronto, Ontario, at 10:00 a.m. (Toronto time), on December 31, 2019.
Shareholder Questions and Assistance
If you have any questions or require assistance with voting your proxy, please contact Origin House at 1-888-552-5675 ext. 101 or by email at [email protected].
About Origin House
Origin House is a growing cannabis brands and distribution company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands. Origin House's California brand development platform is operated out of six licensed facilities located across California, and provides distribution, manufacturing, cultivation and marketing services for its brand partners. Origin House is actively developing infrastructure to support the proliferation of its brands internationally, initially in Canada through its acquisition of Canadian retailer 180 Smoke. Origin House's shares trade on the CSE under the symbol "OH" and on the OTCQX under the symbol "ORHOF". Origin House is the registered business name of CannaRoyalty Corp. For more information, visit www.originhouse.com.
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Origin House's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, the receipt and nature of shareholder approval for the Arrangement, satisfaction of conditions precedent to the closing of the Arrangement, the consideration to be received by shareholders of the Company pursuant to the Arrangement, and the effect, growth prospects, cash position and anticipated benefits of the Arrangement on the Company and Cresco Labs.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining shareholder, court and regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under US federal law; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward- looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Origin House
For further information: Media: Priyam Chakraborty, Senior Communications Manager, Origin House, [email protected], 647-232-9287; Jonathan Ross, LodeRock Advisors Inc., Origin House Investor Relations, 416-283-0178, [email protected]
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