Curaleaf Announces Proposed Domestication to Delaware
Curaleaf Holdings Inc., a leading international provider of consumer products in cannabis, announced its intention to seek shareholder approval of a proposed arrangement (the “arrangement”) which involves, among other things, the continuation of the company out of British Columbia, Canada, and the concurrent domestication of the company in the state of Delaware in the United States (the "continuance").
Curaleaf believes the favorable corporate environment afforded by Delaware will further the company's strategic objectives, streamline the company's organizational and regulatory structure, all within the United States, and help the company conduct its business more effectively.
Chairman and CEO Boris Jordan said, "We believe the continuance to Delaware will reflect and better align with our business, operational focus, and strategic objectives, while also providing other expected and potential benefits."
Pursuant to the company's proposed plan of arrangement, Curaleaf will continue from the jurisdiction of British Columbia to the jurisdiction of Delaware. Upon completion of the continuance, among other things, each issued and outstanding subordinate voting share of the British Columbia-formed Curaleaf (the "subordinate voting shares") will be deemed to represent one share of subordinate voting common stock of the Delaware-continued Curaleaf (the "Delaware subordinate voting shares"). The same treatment will apply to each issued and outstanding multiple voting share and exchangeable share of the pre-continuance Curaleaf, which will, for all purposes, be deemed to represent, respectively, one share of multiple voting common stock and one share of exchangeable common stock of the Delaware-continued Curaleaf.
