Canopy Growth & Acreage Holdings Agree to Modify Plan of Arrangement as Canopy Growth's U.S. Expansion Continues
Canopy Growth and Acreage agree to amend plan of arrangement to provide potential additional upside for all shareholders Amended arrangement provides for up-front cash payment to Acreage shareholders and certain convertible security holders in the aggregate amount of Amended arrangement creates two classes of Acreage shares, including a new floating share that provides upside opportunity for Acreage shareholders that is not tied to fixed exchange ratioProvides capital for Hemp operations, allowing Acreage to participate in the burgeoning CBD market and , /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth") (TSX: WEED) (NYSE: CGC) and Acreage Holdings, Inc. ("Acreage") (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ), today announced they have entered into an agreement (the "New Agreement") to amend the terms of the arrangement agreement dated , as amended on , between Canopy Growth and Acreage (the "Arrangement Agreement"). Pursuant to the Arrangement Agreement, Canopy Growth agreed to acquire all of the issued and outstanding securities of Acreage pursuant to a plan of arrangement under the () (the "Plan of Arrangement"), contingent upon the occurrence of changes in U.S. federal law to permit the general cultivation, distribution, and possession of marijuana (the "Triggering Event") and subject to the satisfaction or waiver of certain conditions to closing as set out in the Arrangement Agreement.
Psychedelics Seek to Emulate Cannabis' Medical Legalization Model
, /PRNewswire/ -- According to data provided by the World Health Organization (), depression is a common illness worldwide, with an estimated 264 million people affected. Depression is different from usual mood fluctuations and short-lived emotional responses to challenges in everyday life. Especially when long-lasting and with moderate or severe intensity, depression may become a serious health condition. In recent years, studies have shown that psychedelic therapy might be the answer. Dr , Head of the Centre for Psychedelic Research at Imperial College, , which opened in , explained in article by that "most conventional drugs come with a bunch of side effects and if they work, they often do so through muting a person's emotional range. Psychedelic therapy brings multiple advantages: it can work after just one or two sessions (unlike psychotherapy or standard drugs, which can take weeks or months to work) with minimal toxicity and people can remain well long after the drug has left their bodies, sometimes entirely transforming their sense of well-being and life satisfaction." Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB), Planet 13 Holdings Inc. (OTC: PLNHF), Pyxus International, Inc. (NYSE: PYX), New Age Beverages Corporation (NASDAQ: NBEV), Acreage Holdings Inc. (OTC: ACRGF) (CSE: ACRG.U)
Shifting Attitudes Towards Mental Health Open Doors to Innovative New Therapies
Newly developed cannabis products, both for medical and adult-use purposes, were at the forefront of the societal and behavioral shift towards more widespread acceptance of an industry previously damaged by stigmas. This young industry made some impressive strides in recent years; according to data provided by BDSA and ArcView Market Research, legal cannabis sales grew by 46% to USD 14.7 Billion in 2019, a significant increase from the 16% growth of 2018 and the industry's highest annual rate of growth to-date. BDSA projects that U.S. legal cannabis sales will approach USD 34 Billion by 2025, increasing at an 18% CAGR. This growth is largely attributed to the markets of Canada, California and Massachusetts, which were the largest contributors to global sales growth in 2019, supplemented by the expanding medical markets of Florida and Oklahoma. "By relaxing product restrictions and adopting more of a free-market approach to licensing, states like Florida are realizing the potential of medical cannabis sales," said Roy Bingham, Co-Founder and CEO at BDSA. "In addition, light regulation and low tax rates in states like Oklahoma enable citizen access, greater performance over the illicit markets and a healthy tax revenue stream for the state." Now, a new field of potential medicinal substances, psychedelics, may follow the path of the cannabis industry. Global Trac Solutions Inc. (OTC: PSYC), Cresco Labs Inc. (OTC: CRLBF) (CSE: CL), 22nd Century Group, Inc. (NYSE: XXII), Acreage Holdings Inc. (OTC: ACRGF) (CSE: ACRG.U), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB)