Canadian cannabis firm Canopy Growth on Tuesday agreed to acquire all of the issued and outstanding Class E shares of Acreage Holdings, paving the way for a full takeover of the company. Canopy also recently acquired Wana Wellness, LLC and the CIMA Group, LLC, and 77% of Lemurian, Inc, or Jetty, which CEO David Klein described in a press release as “major steps forward and consistent with the strategy outlined by Canopy Growth.”
“With the acquisition of Jetty and two of the three Wana business units now complete, Canopy USA is demonstrating its executional capabilities, and we anticipate that these actions will drive growth and the realization of commercial synergies across Canopy USA’s operational platform.” — Klein in a statement
Closing of the Acreage acquisition remains subject to closing conditions. Canopy will also acquire Acreage’s $99.8 million in outstanding debt in exchange for $69.8 million in cash and the release of approximately $30.1 million that was held in escrow pursuant to the agreement.
“…We’re excited to see this advancing as more of Canopy USA’s priority markets come online for adult use across the Midwest and Northeast,” Klein said in a statement.
Another Canopy acquisition — of Mountain High Products, LLC — is expected to close in the first half of fiscal year 2025.
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