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Supreme Cannabis shareholders vote to approve $435M deal with Canopy Growth

Supreme Cannabis shareholders have voted in favour of the company being sold to Canopy Growth Corp. for $435 million.

Supreme did not immediately share how many shareholders voted in favour of the deal, but said it was supported by at least a two-thirds majority vote, which was needed for approval.

The company says it will share exact figures related to vote later.

Under the deal, Supreme shareholders will receive 0.01165872 of a Canopy common share and 0.01 of a cent in cash for each Supreme share held.

When Canopy announced it was buying Supreme in April, it had already garnered support from the boards of both companies but required approvals from shareholders and regulators.

The deal will unite Smiths Falls, Ont.-based Canopy’s brands including Tweed, Tokyo Smoke, Quatreau and Doja with Supreme’s 7Acres, Sugarleaf and Hi-way lines.