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Hempco shareholders approve proposed acquisition by Aurora Cannabis

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Hempco shareholders approve proposed acquisition by Aurora Cannabis

Hempco Food and Fiber Inc. announced Aug. 13 that its shareholders voted in favor of its proposed sale to pharmaceutical firm Aurora Cannabis Inc.

Hempco said 98.84% of its shareholders voted in favor of the deal, surpassing the required approval rate of at least two-thirds of the votes cast.

The two Canadian companies agreed on the acquisition in June, under which Aurora Cannabis will buy all of the remaining Hempco shares that it does not already own. At the time, the companies said they expect the transaction to close in the third quarter of 2019.

Most recently, the hemp food products manufacturer said it is still looking to get approval from the Supreme Court of British Columbia at a hearing to be held Aug. 15. Apart from the court approval, the deal remains subject to other customary closing conditions, including receipt of applicable regulatory and third-party approvals, such as authorization from the Toronto Stock Exchange, TSX Venture Exchange and NYSE.

The companies expect the transaction to complete by the end of August. Following the deal's completion, Hempco will delist its shares from the TSX Venture Exchange.

"Assuming the timely receipt of the remaining regulatory and court approvals, the transaction is expected to close quickly," Hempco's interim CEO John Ross said in a statement.