Shareholders at each Acreage Holdings (CSE: ACRG.U) and Cover Progress (NYSE: CGC; TSX: WEED) voted in favor of the deliberate $3.four billion merger between two of the largest cannabis firms in North America.
Cover mentioned in a information launch that 99.05% of its shareholders who voted accepted the transaction.
“Completion of the transaction is meant to place us to effectively and successfully enter the U.S. cannabis market as soon as federally permissible,” Bruce Linton, chairman and co-CEO of Cover Progress, mentioned within the announcement.
The eventual deal depends on the federal legalization of cannabis in the US, the so-called “triggering occasion.”
For extra evaluation of the implications of in the present day’s shareholder approvals, enroll for a premium membership to Investor Intelligence.