Canopy Growth Announces MTL Cannabis Shareholder Approval of Acquisition

Executive Summary

• Shareholders of MTL Cannabis Corp. voted overwhelmingly (99.97% of votes cast) to approve Canopy Growth’s previously announced acquisition of MTL.
• Approximately 89% of MTL shareholders participated in the vote, indicating strong support for the transaction.
• Closing of the acquisition is expected before the end of March 2026, subject to customary closing conditions and regulatory approvals.

Key Details

• Vote Results:
• 99.97% of all MTL shares voted in favour of the special resolution approving the Transaction.
• 99.80% of eligible votes (excluding those excluded under Multilateral Instrument 61‑101) approved the Transaction.
• Shareholder Participation: Approximately 89% of MTL shareholders cast a vote at the special meeting held on February 17, 2026.
• Closing Timeline: The transaction is expected to close before the end of March 2026, pending final court approval and any required third‑party consents.
• Strategic Rationale (CEO Quote): Luc Mongeau, CEO of Canopy Growth, stated that combining MTL’s cultivation capabilities with Canopy’s scale will create Canada’s leading medical cannabis company and enhance competitiveness in Canadian and international regulated markets.
• Regulatory & Legal Conditions: Closing remains subject to customary closing conditions, including final court approval and any other third‑party approvals required under the arrangement agreement.

Notable Quotes

“The strong shareholder support received today marks a significant milestone toward completing this strategically compelling combination of two organizations that will create Canada’s leading medical cannabis company,” – Luc Mongeau, Chief Executive Officer, Canopy Growth.