WASHINGTON (dpa-AFX) - Newstrike Resources Ltd.'s shareholders overwhelmingly approved an acquisition by licensed cannabis producer CanniMed Therapeutics Inc. at a special meeting Wednesday.
About 99.4 percent of the votes, representing more than 271.9 million outstanding common shares, were voted in support of the acquisition.
Newstrike shareholders will receive 33 CanniMed shares for each 1,000 shares of Newstrike if the deal happens.
Tragically Hip, a major shareholder in Newstrike, last week voiced its support over the friendly takeover by CanniMed.
Meanwhile, the acquisition is still subject to approval from CanniMed shareholders at a special meeting scheduled for January 23.
CanniMed is also the target of an all-stock hostile takeover by Edmonton-based Aurora Cannabis.
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