Canopy Growth acquires Acreage Holdings
Canadian cannabis company Canopy Growth agreed on Tuesday to acquire all the issued and outstanding Class E shares of Acreage Holdings, paving the way for a full takeover of the company.
Canopy has also recently acquired Wana Wellness and Jetty, In a press release, CEO David Klein described these as «major advances in line with the strategy defined by Canopy Growth».
«With the acquisition of Jetty and two of Wana's three business units, Canopy USA is demonstrating its execution capabilities, and we expect these actions to drive growth and the realization of business synergies across Canopy USA's operating platform,» said David Klein.
The closing of the Acreage acquisition remains subject to 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 were blocked under the agreement.
«We're excited to see this operation move forward as more of Canopy USA's priority markets become available to adults in the Midwest and Northeast,» David Klein said.
Another Canopy acquisition - that of Mountain High Products, a distributor of’edibles- should be finalized in the first half of fiscal 2025.
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