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Abacus Health Products Receives Court Approval for Charlotte's Web Buyout.

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Vincent

MANews-(C)2009-2020

The Ontario Superior Court of Justice (Commercial List) has issued a final order approving the proposed acquisition of Canada-based Abacus Health Products, Inc. (CSE: ABCS) (OTCQB: ABAHF), an over-the-counter topical products provider, Colorado, US-based cannabis company Charlotte's Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF), the company said.

The closing of the Arrangement remains subject to certain customary closing conditions. Assuming the timely satisfaction of these closing conditions, the Arrangement is expected to close on or about June 11, 2020.

In March, Charlotte's Web agreed to acquire all issued and outstanding subordinate voting shares of Abacus Health Products.

Under terms of the agreement shareholders of Abacus will receive 0.85 of a common share of Charlotte's Web for each Abacus Share held.

The Exchange Ratio implies a price per Abacus Share of CDN 4.39 (USD 3.04), for implied total equity consideration of approximately CDN 99 m (USD 68.5m).

This acquisition combines Charlotte's Web, a provider hemp-derived CBD wellness products, with Abacus, an OTC topical products provider, combining active pharmaceutical ingredients with hemp extract, to create the world's largest vertically integrated hemp-derived CBD company.

Since its inception in 2014, Abacus has focussed on...

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