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Canopy Growth and Canopy Rivers Enter into Arrangement Agreement to Restructure Investment in TerrAscend

Published: 10/09/2018

Team: Jamie Litchen, Jonathan Sherman, James G. Morand, Tera Li

On October 9, 2018, Canopy Growth Corporation and Canopy Rivers Corporation, a wholly-owned subsidiary of Canopy Rivers Inc., entered into an arrangement agreement with TerrAscend Corp. pursuant to which TerrAscend will restructure its share capital by way of a plan of arrangement under the Business Corporations Act (Ontario) in order to pursue strategic transactions in the cannabis sector internationally while ensuring compliance for Canopy Growth and Canopy Rivers with the policies of the New York Stock Exchange, Toronto Stock Exchange and TSX Venture Exchange.

The arrangement will require the approval of at least 66⅔% of the votes cast by the shareholders of TerrAscend at a special meeting as well as a majority of the votes cast by disinterested holders of TerrAscend common shares.

Cassels Brock acted for Canopy Growth and Canopy Rivers on this innovative restructuring transaction with a team that included Jamie Litchen and Jonathan Sherman (Securities and Cannabis) and James Morand and Tera Li (Tax).