The companies behind the $3.4 billion as-soon-as-marijuana-is-legal merger, Acreage Holdings and Canopy Growth, have launched a charm offensive intended to get disgruntled shareholders to approve the deal.

What's happening: Since being announced in April, the deal has been touted as a coup for Canopy and a cop-out for Acreage by unhappy investors.

  • Activist hedge fund Marcato Capital Management said in a public letter on May 6 it would vote its nearly 3% of Acreage stock against the "value destructive" deal, and urged other shareholders to do the same, Barron's reported.
  • The market is clearly worried about the possibility that the merger falls apart — Acreage shares have fallen by more than 15% since the deal was announced, while Canopy's stock, which rose 15% in the days following news of the deal, has fallen below its share price before the deal's announcement.

On the other hand: Canopy agreed to pay $2.55 in cash and 0.5818 of Canopy shares for each Acreage share. The growing divide between the 2 companies' share prices is making that deal look sweeter.

Yes, but: Acreage CEO Kevin Murphy has downplayed the discontent, saying in an interview Friday that he feels "very, very good about where we are and where we're going,” and expects 100% approval. The deal requires 66% of shareholders approve to be finalized.

Go deeper: Marijuana, psychedelics get a second look from Big Pharma

Go deeper

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.