TORONTO, Aug. 30, 2018 /CNW/ – Hiku Brands Company Ltd. (CSE: HIKU) (“Hiku” or the “Company“), is pleased to announce the results of its special meeting (the “Meeting“) of holders of the common shares of Hiku (the “Shareholders“) held today. At the Meeting, Shareholders passed a resolution to approve the Corporation’s previously announced plan of arrangement under the Business Corporations Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth“) (TSX: WEED) (NYSE: CGC), pursuant to which Canopy Growth has agreed to acquire all of the common shares of Hiku (the “Arrangement“).
The required shareholder approval thresholds were met, with the Arrangement being approved by approximately 99.4% of the votes cast by Shareholders present in person or represented by proxy at the Meeting. Approximately 52.64% of the common shares of Hiku were represented in person or by proxy at the Meeting.
Completion of the Arrangement is subject to the receipt of a final order of the Supreme Court of British Columbia (the “Court“), which is expected to be sought on September 4, 2018. In addition, certain closing conditions customary in transactions of this nature are required in order for the Arrangement to occur. Provided that approval of the Court is granted and all other closing conditions are satisfied or waived, Hiku expects the Arrangement to be completed on or about September 5, 2018, following which the common shares of Hiku will be de-listed from the Canadian Securities Exchange.
Prior to closing of the Arrangement, it is anticipated that trading of the common shares of Hiku will be halted on the Canadian Securities Exchange as of noon on August 31, 2018.
Hiku is focused on building a portfolio of engaging cannabis brands, unsurpassed retail experiences and handcrafted cannabis production. With a national retail footprint led by Tokyo Smoke, craft cannabis production through DOJA Cannabis Ltd.’s ACMPR licensed grow, Van der Pop’s female-focused educational platforms, and Maïtri, Hiku’s Quebec-based cannabis brand featuring high quality handmade accessories, Hiku houses an industry-leading portfolio that aims to set the bar for cannabis brands in Canada.
Hiku’s wholly-owned subsidiary, DOJA Cannabis Ltd., is federally licensed to cultivate and sell cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations (Canada) (“ACMPR“), owning two production facilities in the heart of British Columbia’s Okanagan Valley. Hiku’s subsidiary, TS Brandco Holdings Inc. (“Tokyo Smoke“), has been conditionally awarded one of four master retail licenses in Manitoba. Hiku also operates a network of retail stores selling coffee, clothing and curated accessories, across British Columbia, Alberta and Ontario.
This press release contains forward-looking information within the meaning of applicable securities laws that reflects the current expectations of management of Hiku regarding the Arrangement and its consummation, including whether conditions to the consummation of the Arrangement will be satisfied, the final approval of the Arrangement from the Court, the anticipated halt in trading of the common shares of Hiku, and the timing for completing the Arrangement. The words “may”, “would”, “could”, “should”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “aim”, “endeavour”, “project”, “continue”, “predict”, “potential”, or the negative of these terms or other similar expressions have been used to identify these forward-looking statements.
Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond management’s control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The following factors could cause actual results to differ materially from those discussed in the forward-looking information: failure to satisfy the conditions to completion of the Arrangement, including court approval and the occurrence of any event, change or other circumstance that could give rise to the termination of the arrangement agreement entered into among Canopy Growth and the Corporation dated July 10, 2018.
Additional risks and uncertainties regarding Hiku are described in its publicly available disclosure documents, as filed by Hiku on SEDAR (www.sedar.com) except as updated herein. This forward-looking information represents management’s views as of the date of this press release. While subsequent events and developments may cause such views to change, Hiku does not intend to update this forward-looking information, except as required by applicable securities laws.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
SOURCE Hiku Brands Company Ltd.