Bluma Wellness Inc. (the “Company” or “Bluma Wellness”) (CSE: BWEL.U) (OTCQX:BMWLF) is pleased to announce that shareholders of the Company (“Bluma Shareholders”) approved all resolutions brought before them at the Company’s Special Meeting of Shareholders held today (the “Meeting”), including the special resolution (the “Special Resolution”) to approve the acquisition of the Company (the “Arrangement”) by Cresco Labs Inc. (“Cresco”), by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the “Plan of Arrangement”).
If the Arrangement is completed, Cresco will, among other things, acquire all of the issued and outstanding common shares in the capital of the Company (each a “Bluma Share”), in exchange for which Bluma Shareholders will receive 0.0859 of a subordinate voting share of Cresco for each Bluma Share held, subject to adjustment in accordance with the terms of the Plan of Arrangement.
The completion of the Arrangement is subject to a number of conditions, including but not limited to the receipt of regulatory approval of the Florida Department of Health Office of Medical Marijuana Use and a final order (the “Final Order”) of the Supreme Court of British Columbia (the “Court”). The Company will apply to the Court for the Final Order to approve the Arrangement on March 25, 2021, unless adjourned.
In addition to the Special Resolution, at the Meeting Bluma Shareholders approved a resolution appointing Marcum LLP as the auditors of the Company and authorizing the directors of the Company to fix their remuneration.