Cannabis Growth Opportunity Corporation Announces the Special Meeting of Shareholders will not be Held
TORONTO, Oct. 18, 2018 /CNW/ - Cannabis Growth Opportunity Corporation (CSE: CGOC), ("CGOC", or the "Company"), a cannabis focused investment corporation with both public and private cannabis holdings, announced that it has cancelled the Special Meeting of Shareholders ("Special Meeting"), scheduled for October 19, 2018.
The meeting has been cancelled as the voting results received as at 4:00 pm today, indicated that while the majority of votes were in favour of the proposed amendments, the required 66 2/3% approval of the votes cast was not achieved. The Company wishes to thank all shareholders who took the time to vote their shares.
Jamie Blundell, President and Chief Operating Officer of CGOC commented, "We looked to amend the Company's investment restrictions, which we believed unduly restricted the Company's flexibility to respond quickly to changing market conditions. We were very happy to receive the support from ISS who recommended a FOR vote to their subscribers, as well as those shareholders who were able to cast their votes on the matter. Unforunately we were unable to achieve the required favourable vote percentage of 66 2/3% of the votes cast in time for the scheduled meeting. However, this does not impact our abilities to generate value for our shareholders as illustrated by our most recent NAV assessment of C$3.03 as at October 15, 2018. We remain focused on closing the discount gap to our share price.
Canada achieved a milestone with yesterday's legalization of recreational marijuana and puts us at the forefront of a new and booming industry. We see significant growth ahead of us in the global Cannabis markets, including the United States. Our actively managed and diversified portfolio positions CGOC and its stakeholders to positively benefit from these exciting emerging markets."
About Cannabis Growth Opportunity Corporation (CGOC)
CGOC is a unique investment corporation incorporated under the laws of Canada. CGOC's investment objectives are to provide holders of common shares long-term total return through capital appreciation by investing in an actively managed portfolio of securities of public and private companies operating in, or that derive a portion of their revenue or earnings from, products or services related to the cannabis industry. http://cgocorp.com/.
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.
SOURCE Cannabis Growth Opportunity Corporation
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