Canopy Growth failed to acquire multi-state cannabis operator Acreage Holdings for $3.4bn.

Canopy Growth and Acreage Holdings announced an agreement that grants Canopy Growth the right to acquire 100% of the shares of Acreage, with a requirement to do so at such time as cannabis production and sale becomes federally legal in the United States , subject to obtaining the requisite prior approval of the shareholders of each of Acreage and Canopy Growth, respectively, as well as the approval of the Supreme Court of British Columbia for $3.4bn. Acreage Holders will receive an immediate aggregate total payment of $300m or approximately $2.55 per Acreage Subordinate Voting Share based on the currently outstanding Subordinate Voting Shares of Acreage and conversion of certain convertible ‎securities described below. In addition, upon the exercise of the Right, holders of subordinate voting shares of Acreage will receive 0.5818 of a common share of Canopy Growth for each Acreage Subordinate Voting Share held at the time of closing of the Transaction. Upon exercise of the Right, the total consideration payable pursuant to the Transaction is valued at approximately $3.4bn on a fully-diluted basis, represents a premium of 41.7% over the 30-day volume weighted average price of the Acreage Subordinate Voting Shares on the Canadian Securities Exchange ending April 16, 2019. On September 18, 2020, the Supreme Court of British Columbia approved the deal between Canopy Growth and Acreage Holdings. On October 25, 2022, Acreage and Canopy enter into New US agreement, existing agreement is waived.