Obtains Final Order Approving Plan of Arrangement with HEXO TORONTO, Aug. 26, 2021 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV: NRTH), today announced it has obtained a final court order from the Ontario Supreme Court of Justice approving the previously announced plan of arrangement under Section 192 of the Canada Business Corporations Act, pursuant to which HEXO Corp. ("HEXO") (TSX: HEXO) (NASDAQ: HEXO) will acquire all of 48North's issued and outstanding common shares ("48North Shares") by way of plan of arrangement (the "Arrangement"). Receipt of the final order follows the special meeting of shareholders of 48North held on August 17, 2021, at which, as previously disclosed, shareholders of the Company (the "Shareholders") overwhelmingly approved the Arrangement by way of special resolution.
Under the Arrangement, HEXO will, among other things and subject to the satisfaction (or waiver) of all applicable conditions precedent, including final approval by the Toronto Stock Exchange, acquire all of 48North's issued and outstanding common shares (the "48North Shares") in an all-share exchange transaction. Shareholders will receive 0.02366 of a common share of HEXO (each whole share, a "HEXO Share") for each 48North Share they hold. Upon completion of the Arrangement, which is expected to occur on or about September 1, 2021, existing Shareholders are expected to own approximately 5.3 million HEXO Shares, representing approximately 2.6% of all currently issued and outstanding HEXO Shares.
Further information regarding the Arrangement is set out in the management information circular of the Company dated July 14, 2021 (the "Information Circular"), which was mailed to the Shareholders and filed under the Company's profile on SEDAR at www.sedar.com.
About 48North
48North Cannabis Corp. (TSXV:NRTH) is a brand-led, consumer-centric licensed cannabis producer with an expansive portfolio of high quality, accessibly priced products available across the country. The company serves the Canadian medical and adult-use markets with its brand portfolio that includes: 48North, an innovative and high-quality cannabis brand focused on thoughtfully crafted everyday staples for passionate cannabis users; Trail Mix, an accessibly priced brand formulated with taste and aroma-first flavour profiles; and Latitude, a next generation lifestyle platform and premium, natural cannabis collection focused on wellness, beauty, and beyond. 48North operates two indoor-licensed cannabis production sites in Ontario and cultivates unique genetics through its wholly-owned subsidiary, DelShen Therapeutics Corp., and processes cannabis and manufactures next generation cannabis products through Good & Green Corp., both licensed producers under the Cannabis Act (Canada).