WOONSOCKET, R.I. & TORONTO--(BUSINESS WIRE)--Abacus Health Products, Inc. (CSE: ABCS, OTCQB:ABAHF) is pleased to announce that, at the special meeting (“Meeting”) of its shareholders (“Shareholders”) held today, Shareholders approved the acquisition of Abacus by Charlotte’s Web Holdings, Inc. (“Charlotte’s Web”) pursuant to an arrangement (the “Arrangement”) under the Business Corporations Act (Ontario).

To be effective, the special resolution approving the Arrangement (“Arrangement Resolution”) required the approval by: (i) at least 66?% of the votes cast by holders of subordinate voting shares and proportionate voting shares of Abacus, present virtually or represented by proxy and entitled to vote at the Meeting, voting together as a single class, and (ii) in accordance with Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”), a majority of the votes cast by the holders of subordinate voting shares and proportionate voting shares of Abacus, present virtually or represented by proxy and entitled to vote at the Meeting, voting together as a single class (“Disinterested Holders”), excluding the votes cast by any “interested party”, any “related party” of an “interested party” or any “joint actor” (as such terms are defined in MI 61-101).

Approximately 99.98% of the votes cast by the holders of subordinate voting shares and proportionate voting shares of Abacus, voting together as a single class, voted in favour of the Arrangement Resolution. In addition, approximately 99.98% of the votes cast by Disinterested Holders voted in favour of the Arrangement Resolution.

The Arrangement Resolution is described in greater detail in Abacus’ management information circular (“Information Circular”) dated May 4, 2020 filed under Abacus’ profile on SEDAR at www.sedar.com and details of the voting results will be filed under Abacus’ profile on SEDAR and on Abacus’ website at www.abacushp.com.

Abacus expects to seek a final order approving the Arrangement from the Ontario Superior Court of Justice (Commercial List) (the “Final Order”) on or about June 8, 2020. Following the satisfaction or waiver of all conditions to closing, including the receipt of the Final Order, Abacus will implement the Arrangement as contemplated in the Information Circular. The Arrangement is expected to close in the second quarter of 2020.

About Abacus Health Products, Inc.

Abacus is principally engaged in the development and commercialization of over-the-counter (OTC) topical medications with active pharmaceutical ingredients and which contain organic and natural ingredients, including a cannabinoid-rich hemp extract containing CBD from the Cannabis sativa L plant. Abacus’ products are aimed at the rapidly growing markets for topical pain relief and therapeutic skincare and are based on proprietary patent-pending technologies developed by Abacus. Abacus’ formulations combine advanced science with organic and natural ingredients to provide safe relief. Abacus currently offers three lines of products: CBD CLINIC™, marketed to the professional practitioner market, and CBDMEDIC™ and Harmony Hemp™, marketed to the consumer market. Abacus’ products are offered across the United States and are produced by contract manufacturers, including in an FDA registered and audited manufacturing facility.

To learn more about Abacus, visit www.abacushp.com