TPCO, Gold Flora Get Shareholder Nod for Merger

Shareholder approval was decisive in supporting the deal.

Shareholders of California cannabis company TPCO Holding Corp. (OTC: GRAMF) have greenlit a proposed business merger with Gold Flora LLC, the company said Thursday.

More than two-thirds of shareholder votes were cast in favor of the deal, which paves way for the divisive merger to close in early July 2023. The two companies still need approval from the Supreme Court of British Columbia and the NEO Exchange.

The resolution received 84.22% affirmative votes, with a minority of 15.61% opposing it, and a slim 0.17% of votes withheld.

In addition to approving the business consolidation, shareholders also endorsed a resolution to move the combined company from British Columbia to the tax-friendly Delaware under the new name Gold Flora Corp. The move garnered 84.93% of votes in favor, with 14.90% in opposition, and 0.17% of votes withheld.

Alongside the merger approvals, the shareholder assembly also voted on the company’s board of directors’ lineup. Seven nominees secured their positions on the board, including:

  • TPCO CEO Troy Datcher
  • Michael Auerbach
  • Morgan Callagy
  • Mark Castaneda
  • Al Foreman
  • Leland Hensch
  • Daniel Neukomm

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at adam.jackson@crain.com.


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