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Origin House receives shareholder approval for sale to Cresco Labs

Origin House has received shareholder approval for the sale of the company to Cresco Labs Inc. for an expected C$1.1 billion.

Ottawa, Ontario-based Origin House said 99.6% of its shareholders voted in favor of the sale.

The company expects to proceed with the receipt of a final court order on Jan. 6, Origin House Chairman and CEO Marc Lustig said, adding that the company expects to close the sale soon after.

The deal, which Chicago-based Cresco previously called the largest acquisition of a public company in the U.S. cannabis sector, was amended in November 2019 to reduce the ratio of Cresco shares awarded in exchange for a share in Origin House from 0.8428 to 0.7031 per common share and 84.28 to 70.31 per class A share.

Origin House is a cannabis brand and distribution company. Cresco Labs manufactures medical cannabis products in the U.S.