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Newstrike shareholders vote in favour of acquisition by CanniMed Therapeutics – Saskatoon

Shareholders of Newstrike Resources Ltd. (TSXV:HIP) voted overwhelmingly in favour of an acquisition by licensed cannabis producer CanniMed Therapeutics Inc. (TSX:CMED) at a special meeting Wednesday.

Approximately 99.4 per cent of the votes, representing more than 271.8 million outstanding common shares, were cast in support of a plan that would see Newstrike shareholders receive 33 CanniMed shares for each 1,000 shares of Newstrike.


READ MORE:
The Tragically Hip backs Newstrike’s deal to be bought by CanniMed

The Tragically Hip, a major shareholder in Newstrike, last week threw its support behind the company’s friendly takeover by Saskatoon-based CanniMed.

However, the deal, which CanniMed said better positions the company for entry into the recreational cannabis market, is subject to approval from CanniMed shareholders at a special meeting scheduled for Jan. 23.


READ MORE:
CanniMed files $725M lawsuit against Aurora, others over hostile takeover bid

The final outcome of that deal remains uncertain, as CanniMed is also the target of an all-stock hostile takeover by Edmonton-based Aurora Cannabis (TSX:ACB) that is conditional on abandoning the Newstrike deal.

CanniMed has urged its shareholders to vote in favour of Newstrike, but three of the Saskatoon-based company’s biggest shareholders representing 38 per cent of outstanding shares have signed lock-up agreements backing Aurora’s bid.



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What is a Sativa?

Sativa strains of medicinal marijuana are usually uplifting and stimulating. If you’ve ever smoked or ingested cannabis that makes everything funny and puts you in a great mood, it was probably from a Sativa strain. It creates a feeling of comfort, non-drowsy, and usually introspective highs. The effects of smoking or ingesting a Sativa makes them particularly popular among artists and creatives. The most popular medicinal benefits range from treating mental and behavioral problems, to treating depression, stress and ADHD.

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