- Canopy USA, the US arm of Canopy Growth (TSX:WEED), is partnering with JP Brand Advisors, a top consulting firm for alcohol and functional beverages, to expand the reach of the Wana Wellness cannabis edibles brand across the United States
- Canopy USA is active in the fastest-growing states and most prospective segments of the US cannabis market
- Canopy Growth stock has given back 63.53 per cent year-over-year
Canopy USA, the US arm of Canopy Growth (TSX:WEED), is partnering with JP Brand Advisors, a top consulting firm for alcohol and functional beverages, to expand the reach of the Wana Wellness cannabis edibles brand across the United States.
The companies are keen to capitalize on rising demand for hemp-based functional beverages, driven by US consumers’ push towards wellness-based products, through the collaborative pursuit of new accounts.
The agreement positions Wana to benefit from JP Brand’s presence across all 50 US states, opening the door for potential global expansion, leveraging the broker’s expertise across Canada, the US Virgin Islands, the British Virgin Islands, South America, Europe, as well as cruise lines and Duty-Free.
Management commentary
“We’re thrilled to partner with Canopy USA to help bring Wana’s innovative hemp portfolio to more consumers and retail partners across the country,” John Palatella, chief executive officer of JP Brand Advisors, said in Tuesday’s news release. “Hemp-based beverages represent one of the most exciting growth opportunities in our industry, and our agreement with Canopy USA reinforces our commitment to shaping the future of beverage alcohol through emerging categories.”
“Working with JP Brand Advisors provides Canopy USA with an experienced and trusted partner who understands both the traditional three-tier system and the unique dynamics of emerging hemp beverages,” added Brooks Jorgensen, president of Canopy USA. “Together with JPBA, we’ll be able to expand national relationships and execution capabilities – helping us scale faster, reach new consumers and strengthen our leadership in this exciting category.”
About Canopy USA
Canopy USA is a US based holding company in which Canopy Growth holds a non-participating, non-controlling interest. The company is active in the fastest-growing states and most prospective segments of the US cannabis market, owning 100 per cent of Wana Brands, a top North American edibles provider, 100 per cent of Acreage Holdings, a vertically integrated multi-state cannabis operator, and 77 per cent of Lemurian, a California-based producer of cannabis vapes and extracts.
Canopy Growth stock (TSX:WEED) is up by 6.63 per cent on the news trading at C$2.09 as of 9:52 am ET. The stock has given back 63.53 per cent year-over-year.
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