Origin House Obtains Interim Order for Proposed Arrangement with Cresco Labs Inc.
Ottawa, Canada – May 3, 2019 – CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF) (“Origin House“ or the “Company“), a North American cannabis products and brands company, today announced that the Company has obtained an interim order from the Ontario Superior Court of Justice (Commercial List) (the “Court“) in connection with its previously announced statutory plan of arrangement pursuant to which Cresco Labs Inc. (“Cresco”) will acquire all of the issued and outstanding shares of Origin House, with each holder of a common share of Origin House receiving 0.8428 of a subordinate voting share of Cresco Labs and each holder of a class A compressed share of Origin House ultimately receiving 84.28 subordinate voting shares of Cresco Labs (the “Arrangement“).
Receipt of the interim order authorizes Origin House to hold its special meeting of shareholders (the “Meeting“) in respect of the Arrangement on June 11, 2019. The Arrangement is subject to the approval of at least 66 2/3% of the votes cast by shareholders present in person or represented by proxy at the Meeting as well as the approval of at least a majority of the votes cast by Origin House’s minority shareholders present in person or represented by proxy at the Meeting. Assuming that the Arrangement is approved at the Meeting, Origin House is currently expected to return to Court on or about June 13, 2019 to seek a final order to implement the Arrangement. The closing of the Arrangement is subject to the satisfaction of certain other closing conditions customary in a transaction of this nature. Assuming that these conditions are satisfied, it is expected that the closing of the Arrangement will be completed prior to the end of June 2019.
Origin House has set April 23, 2019 as the record date for the determination of shareholders entitled to receive notice of and to vote at the Meeting.
Further details regarding the Arrangement and the procedures for shareholders to vote their Origin House shares will be included in the management information circular, the letter of transmittal and the related proxy materials in respect of the Meeting, which are expected to be mailed to Origin House shareholders on or about May 15, 2019 and will be made available on SEDAR at www.sedar.com, under the Company’s profile.
About Origin House
Origin House is a growing cannabis brands and distribution company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands. Origin House’s foundation is in California, the world’s largest regulated cannabis market, where it delivers over 130 branded cannabis products from 50+ brands to the majority of licensed dispensaries. Origin House’s brand development platform is operated out of five licensed facilities located across California, and provides distribution, manufacturing, cultivation and marketing services for its brand partners. Origin House is actively developing infrastructure to support the proliferation of its brands internationally, initially through its acquisition of Canadian retailer 180 Smoke. Origin House’s shares trade on the CSE under the symbol “OH” and on the OTCQX under the symbol “ORHOF”. Origin House is the registered business name of CannaRoyalty Corp. For more information, visit www.originhouse.com.
For further inquiries, please contact:
Jonathan Ross, CFA
LodeRock Advisors Inc.
Communications Manager, Origin House