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As previously disclosed in Canopy Growth (NASDAQ: CGC) Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the SEC) on October 26, 2022, the Company entered into an arrangement agreement (the Floating Share Arrangement Agreement) with Canopy USA, LLC (Canopy USA) and Acreage Holdings, Inc. (Acreage), pursuant to which, subject to the terms and conditions of the Floating Share Arrangement Agreement, including all closing conditions contained in the arrangement agreement between the Company and Acreage dated April 18, 2019, as amended on May 15, 2019, September 23, 2020 and November 17, 2020 (the Existing Arrangement Agreement), Canopy USA will acquire all of the issued and outstanding Class D subordinate voting shares of Acreage (the Floating Shares) by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the BCBCA) at a fixed exchange ratio of 0.45 of a common share of Canopy Growth for each Floating Share held (the Floating Share Arrangement).

On March 17, 2023, the Company, Canopy USA and Acreage entered into a first amendment to the Floating Share Arrangement Agreement (the Amendment). Pursuant to the terms of the Amendment, the Company, Canopy USA, and Acreage agreed to amend the Exercise Outside Date (as defined in the Floating Share Arrangement Agreement) from March 31, 2023 to May 31, 2023. The completion of the Floating Share Arrangement is subject to satisfaction or, if permitted, waiver of certain closing conditions, including, among others, completion of the Canopy Capital Reorganization (as defined in the Floating Share Arrangement Agreement) on or prior to the Exercise Outside Date. There can be no certainty, nor can the Company provide any assurance, that all conditions precedent contained in the Floating Share Arrangement Agreement and the Existing Arrangement Agreement will be satisfied or waived, which may result in the acquisition of Acreage not being completed.

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Canopy Growth (CGC) Enters First Amendment to the Floating ... - StreetInsider.com