Washington, D.C. 20549
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the
registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
On March 6, 2023, Acreage
Holdings, Inc. (“Acreage”) issued a press release announcing that Glass, Lewis
& Co., LLC, a leading independent proxy advisory services firm, has recommended that holders (“Floating Shareholders”)
of Acreage’s Class D subordinate voting shares (the “Floating Shares”) vote in favor of its proposed arrangement
(the “Floating Share Arrangement”) with Canopy Growth Corporation (“Canopy”) and Canopy USA, LLC
(“Canopy USA”), and matters related thereto, at Acreage’s special meeting of Floating Shareholders to be held
on March 15, 2023 (the “Meeting”).
Cautionary Note Regarding Forward Looking
Statements
Statements in this filing
(including the Exhibit hereto) contain “forward-looking information” and “forward-looking
statements” within the meaning of applicable Canadian and United States securities legislation, respectively. All statements, other
than statements of historical fact, included herein are forward-looking information. Often, but not always, forward-looking statements
and information can be identified by the use of words such as “plans”, “expects” or “does not expect”,
“is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”,
or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information
involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Acreage
or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking
statements or information contained in this news release. Examples of such statements include statements with respect to the Meeting proceeding
as described or at all and other statements with respect to the Floating Share Arrangement and proposed transactions with Canopy
and Canopy USA.
Risks, uncertainties and other factors involved
with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information, including, but not limited to: the occurrence of changes in U.S. federal
Laws regarding the cultivation, distribution or possession of marijuana; the ability of the parties to receive, in a timely manner
and on satisfactory terms, the necessary regulatory, court and Floating Shareholder approvals; the ability of the parties to satisfy,
in a timely manner, the other conditions to the completion of the Floating Share Arrangement Agreement; the ability of Canopy, Canopy
USA and Acreage to satisfy, in a timely manner, the closing conditions to the Floating Share Arrangement; risks relating to the value
and liquidity of the Floating Shares and the common shares of Canopy; Canopy maintaining compliance with the Nasdaq Global Stock Market
(the “Nasdaq”) and Toronto Stock Exchange listing requirements; the rights of the Floating Shareholders
may differ materially from those of shareholders in Canopy; the successful completion of Canopy USA’s acquisition and integration
of Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC (collectively, “Wana”)
and Lemurian, Inc. (“Jetty”); expectations regarding future investment, growth and expansion of Acreage’s
operations; the possibility of adverse U.S. or Canadian tax consequences upon completion of the Floating Share Arrangement; if Canopy
USA acquires Wana, Jetty, or the Class E subordinate voting shares of Acreage (the “Fixed Shares”) pursuant to
the Existing Arrangement Agreement (as defined below) without structural amendments to Canopy’s interest in Canopy USA, the
listing of the Canopy Shares on the Nasdaq may be jeopardized; the risk of a change of control of either Canopy or Canopy USA; restrictions
on Acreage’s ability to pursue certain business opportunities and other restrictions on Acreage’s business; the impact
of material non-recurring expenses in connection with the Floating Share Arrangement on Acreage’s future results of operations,
cash flows and financial condition; the possibility of securities class action or derivatives lawsuits; in the event that the Floating
Share Arrangement is not completed, but the acquisition by Canopy of the Fixed Shares (the “Acquisition”)
is completed pursuant to the arrangement agreement between Canopy and Acreage (the “Existing Arrangement Agreement”)
dated April 18, 2019, as amended, and Canopy becomes the majority shareholder in Acreage, the likelihood that the Floating Shareholders
will have little or no influence on the conduct of Acreage’s business and affairs; risk of situations in which the interests
of Canopy USA and the interests of Acreage or shareholders of Canopy may differ; Acreage’s compliance with Acreage’s
business plan for the fiscal years ending December 31, 2020 through December 31, 2029 pursuant to the Existing Arrangement Agreement;
in the event that the Floating Share Arrangement is completed, the likelihood of Canopy completing the Acquisition in accordance
with the Existing Arrangement Agreement; risks relating to certain directors and executive officers of Acreage having interests in
the transactions contemplated by the Floating Share Arrangement Agreement and the connected transactions that are different from
those of the Floating Shareholders; risks relating to the possibility that holders of more than 5% of the Floating Shares may exercise
dissent rights; other expectations and assumptions concerning the transactions contemplated between Canopy, Canopy USA and Acreage;
the available funds of Acreage and the anticipated use of such funds; the availability of financing opportunities for Acreage and
Canopy USA and the risks associated with the completion thereof; regulatory and licensing risks; the ability of Canopy, Canopy USA
and Acreage to leverage each other’s respective capabilities and resources; changes in general economic, business and
political conditions, including changes in the financial and stock markets; risks relating to infectious diseases, including the
impacts of the COVID-19; legal and regulatory risks inherent in the cannabis industry, including the global regulatory landscape
and enforcement related to cannabis, political risks and risks relating to regulatory change; risks relating to anti-money laundering
laws; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion
and perception of the cannabis industry; and such other risks disclosed in the Circular, the Company’s Annual Report on Form
10-K for the year ended December 31, 2021, dated March 11, 2022 and the Company’s other public filings, in each case filed with
the SEC on the EDGAR website at www.sec.gov and with Canadian securities regulators and available under Acreage’s profile
on SEDAR at www.sedar.com. Although Acreage has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended.
Although Acreage believes that the assumptions
and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue
reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames
or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date hereof
and Acreage does not undertake any obligation to publicly update such forward-looking information or forward-looking statements to reflect
new information, subsequent events or otherwise unless required by applicable securities laws.
Neither the Canadian Securities Exchange nor
its Regulation Service Provider, nor any securities regulatory authority in Canada, the United States or any other jurisdiction, has reviewed
and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Additional Details
In connection with the Floating
Share Arrangement, Acreage filed with the Securities and Exchange Commission (“SEC”) and with the Canadian securities
regulatory authorities a definitive proxy statement and management information circular on Schedule 14A (collectively, the “Circular”)
on February 14, 2023 and has mailed the Circular to each Floating Shareholder entitled to vote at the Meeting. For a more detailed description
of the Floating Share Arrangement and the resolution to be voted upon at the Meeting, Floating Shareholders are urged to review and carefully
consider the Circular and related materials (the “Meeting Materials”), as they contain important information concerning
the Floating Share Arrangement and the rights and entitlements of the Floating Shareholders in relation thereto and consult with their
financial, tax, legal and other professional advisors.
Floating Shareholders may obtain a free copy
of the Circular and all Meeting Materials Acreage has filed on both SEDAR at www.sedar.com and with the SEC on the EDGAR website
at www.sec.gov. The Circular has been mailed to Floating Shareholders and will be accessible via SEDAR and EDGAR. This
communication is not a substitute for the Circular or any other document that Acreage may file with both SEDAR and the SEC.
FLOATING SHAREHOLDERS ARE ADVISED TO READ THE CIRCULAR AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE FLOATING SHARE ARRANGEMENT.
Participants in the Solicitation
Acreage and its directors, executive officers
and other members of its management and employees may be deemed to be participants in the solicitation of proxies from the Floating Shareholders
in connection with the Floating Share Arrangement. A list of the names of such directors and executive officers, information concerning
such participants’ ownership of Floating Shares, and any direct or indirect interest they have in the Floating Share Arrangement
is set forth in the Circular. Free copies of these materials may be obtained as described in the preceding paragraph.
| Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ACREAGE HOLDINGS, INC. |
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By: |
/s/ Steve Goertz |
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Steve Goertz |
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Chief Financial Officer |
Date: March 6, 2023
