Canopy Growth today confirmed that Canopy USA has exercised the options to acquire Wana and Jetty.
It's 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 growing licensing division across 15 additional U.S. states and territories. With a scalable business model, Wana has built a position in the gummies category. Backed by a pipeline of new consumer-focused products, Wana continues to enter new markets and capture consumers looking for products that deliver against desired need states.
Jetty – Jetty is a California-based producer of cannabis extracts and pioneer of clean vape technology. The brand's products are available in California, Colorado, New York and New Jersey.
The closing of the acquisition of each of Wana Wellness and Mountain High Products (collectively, Wana) and Lemurian (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.
