Canopy USA has exercised the options to acquire Wana and Jetty.
It is expected that once completed, these acquisitions will enable Canopy USA to realize financial benefits, including the ability to drive revenue growth, and realize cost synergies across the Canopy USA ecosystem.
"With these acquisitions now triggered, Canopy USA has taken a crucial step forward in bringing together these high potential businesses and will soon be able to demonstrate the full potential of this ecosystem across the U.S. cannabis market," said David Klein, Chief Executive Officer of Canopy Growth. "In addition to the positive signals we're seeing on near-term regulatory reform in the U.S., there's significant potential in putting together leading brands like Wana and Jetty, and we're excited to see how these brands can collaborate to become even stronger".
There is no additional consideration to be paid by Canopy USA for the exercise of the options to acquire each of:
- Wana – Wana is a cannabis edibles brand in North America and is vertically integrated in Colorado in addition to having a rapidly growing licensing division across 15 additional U.S. states and territories. With a scalable business model, Wana has built a major position in the gummies category, which is one of the fastest-growing edibles segments. Backed by a robust pipeline of new consumer-focused products, Wana continues to enter new markets and capture consumers looking for high-quality products that deliver against desired need states.
- Jetty – Jetty is a California-based producer of high-quality cannabis extracts and a pioneer of clean vape technology. Jetty pioneers the latest technology to create industry-leading extracts including award-winning solventless vapes, live resin vapes, and other products. The brand's products are available in California, Colorado, New York and New Jersey, and according to market research firm BDSA, Jetty Solventless vapes ranked as the #1 National Live Rosin vape brand. Supported by nine years of operations, Jetty continues to define the vape category and is primed to further scale its high-quality products nationally.
The closing of the acquisition of each of Wana Wellness, LLC, The CIMA Group, LLC and Mountain High Products, LLC (collectively, 'Wana') and Lemurian, Inc. ('Jetty') is subject to certain customary closing conditions, including receipt of regulatory approvals. Following the initial closing, Canopy USA will own 100% of the outstanding equity interests in Wana and approximately 75% of the outstanding shares of Jetty.
For more information:
Canopy Growth
www.canopygrowth.com