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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

Janet Yellen is back

Photo illustration: Sarah Grillo/Axios. Photo: Hannelore Foerster/Getty Images

A face familiar to Wall Street is back as a central player that this time will need to steer the country out of a deep economic crisis.

Driving the news: President-elect Joe Biden is preparing to nominate former Fed chair Janet Yellen to be Treasury secretary.

Mike Allen, author of AM
34 mins ago - Politics & Policy

Charles Koch: "I screwed up"

In his first on-camera interview in four years, Charles Koch told "Axios on HBO" that he "screwed up by being partisan," rather than approaching his network's big-spending political action in a more nonpartisan way.

Why it matters: Koch — chairman and CEO of Koch Industries, which Forbes yesterday designated as America's largest private company — has been the left's favorite face of big-spending political action.

Caitlin Owens, author of Vitals
2 hours ago - Health

What overwhelmed hospitals look like

A healthcare professional suits up to enter a COVID-19 patient's room in the ICU at Van Wert County Hospital in Ohio. Photo: Megan Jelinger/AFP

Utah doctors are doing what they say is the equivalent of rationing care. Intensive care beds in Minnesota are nearly full. And the country overall continues to break hospitalization records — all as millions of Americans travel to spend Thanksgiving with friends and family.

Why it matters: America's health care workers are exhausted, and the sickest coronavirus patients aren't receiving the kind of care that could make the difference between living and dying.

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