M&A Time…. Canada’s Canopy agrees to pay $297 million for right to buy US marijuana edibles maker Wana


MJ Biz.. Canopy Growth has struck a deal to buy leading U.S. edibles maker Wana Brands for $297.5 million in the latest wager by a large Canadian producer that the United States will eventually legalize marijuana. Smiths Falls, Ontario-based Canopy said the proposed acquisition is conditioned on “federal permissibility of THC in the U.S.” Read full report https://mjbizdaily.com/canadas-canopy-agrees-to-pay-297-million-for-right-to-buy-us-cannabis-edibles-maker-wana/?utm_medium=email&utm_source=newsletter&utm_campaign=MJD_20211014_NEWS_Daily   Here’s the press release Transaction Strengthens Canopy Growth’s U.S. Ecosystem and Increases U.S. Cannabis Market Exposure Upon Federal Permissibility SMITHS FALLS, ON and BOULDER, Colo., Oct. 14, 2021 /CNW/ – Canopy Growth Corporation (“Canopy Growth” or “the Company”) (TSX: WEED) (NASDAQ: CGC) and Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC (collectively, “Wana” and each, a “Wana Entity”) are pleased to announce that they have entered into definitive agreements (the “Agreements”) providing Canopy Growth with the right, upon federal permissibility of THC in the U.S., to acquire 100% of the outstanding membership interests of Wana, the #1 cannabis edibles brand in North America by market share. Canopy Growth Announces Plan to Acquire Wana Brands, the #1 Cannabis Edibles Brand in North America (CNW Group/Canopy Growth Corporation) Wana manufactures and sells gummies in the U.S. state of Colorado and licenses its intellectual property to partners, who manufacture, distribute, and sell Wana-branded gummies across the U.S., including California, Arizona, Illinois, Michigan, and Florida giving Wana a total footprint of 12 U.S. states currently, and across Canada. Wana expects to have license agreements in place in more than 20 U.S. states, including in future adult-use markets in New York and New Jersey, prior to the end of calendar 2022. Strategic Benefits Strengthens Canopy Growth’s U.S. Ecosystem: Wana’s leadership position and ongoing expansion across the U.S. bolsters Canopy Growth’s product, brand, and geographic exposure to the U.S. cannabis market upon federal permissibility. Dominant Edibles Category: The gummies category is one of the fastest growing segments in both the U.S. and Canadian cannabis markets accounting for…

Excerpt only …
Source : M&A Time…. Canada’s Canopy agrees to pay 7 million for right to buy US marijuana edibles maker Wana

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.