Clarification I noticed a lot of people seem confused about the deal, so just a quick post to clarify. Under the terms of the deal, Supreme shareholders will receive 0.01165872 Canopy shares per share of Supreme. This is "fixed" if you will, or the most important number to be aware of. Now Supreme will trade more or less in tandem with Canopy shares. IE. $33 x 0.01165872 = about $0.38. So in fact, one can actually buy Canopy via Supreme at a slight discount currently assuming the deal goes through.
In regards to warrants and debentures, the same conversion process should take place. Example: 10k Fire.WT warrants will convert into 116.6 Canopy warrants. The $0.23 exercise price will translate to $19.73 or thereabouts.
On another note, being long on Supreme since 2014, it seems a huge shame to sell to Canopy at this point in time. Supreme management obviously did not have the intent on maximizing shareholder value - shame on them. This is partly explained by there having been virtually no insider buying for some time. I am hoping we'll see a stronger bid come in. I've long thought Aphria seems like a likely acquierer, given their stated goal of "30% market share in the Canadian market" and their previous success from acquiring Broken Coast, one might think they'd aim to replicate this success by acquiring other leading premium brands.
Best of luck.