Canopy Growth Completes Acquisition of Supreme

CANNANNEW REPORT

Acquisition solidifies Canopy Growth’s leadership position in the Canadian recreational market SMITHS FALLS, ON, June 23, 2021 /CNW/ – Canopy Growth Corporation (“Canopy”) (TSX: WEED) (NASDAQ: CGC) and The Supreme Cannabis Company, Inc. (“Supreme”) (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) are pleased to announce the completion of the previously announced arrangement (the “Arrangement”) whereby Canopy has acquired all of the issued and outstanding common shares of Supreme (the “Supreme Shares”).   Canopy Growth Completes Acquisition of Supreme (CNW Group/Canopy Growth Corporation)     As Canopy continues to focus on the premium flower segment, the addition of 7ACRES and the 7ACRES Craft Collective enhances Canopy’s leading market share position and supplements its production capacity through the acquisition of Supreme’s low-cost, scalable cultivation facility in Kincardine, Ontario. This facility has a proven capability for producing high-quality flower from sought-after strains that have earned Supreme’s brands their loyal consumer followings. Additionally, the acquisition of Supreme further strengthens Canopy’s overall leadership position within the Canadian recreational market and creates a pro forma Q4 FY 2021 market share of 18.1%1. Furthermore, the acquisition creates the opportunity for immediate value creation with an estimated $30 million in synergies to be captured within the next two years.   “Through the addition of Supreme, we’re strengthening our leadership position by offering Canadian consumers a differentiated brand portfolio – including the addition of 7ACRES, which further bolsters our premium product segment,” said David Klein, Chief Executive Officer of Canopy. “Supreme has demonstrated the ability to cultivate premium quality flower at low cost and we’re excited to leverage these capabilities to further our leadership in the Canadian market as we scale these newly added brands and accelerate revenue growth.”   “We believe the acquisition of Supreme by Canopy represents the best path forward for Supreme’s shareholders to generate long-term value,” said Beena Goldenberg, Chief Executive Officer of Supreme. “We…

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