- Canopy Growth (TSX:WEED) has exercised its options to acquire Wana and Jetty Extracts, key players in the company’s U.S. expansion strategy
- Wana is an edibles company active in 16 states, while Jetty ranked as the No. 1 live rosin vape brand in the United States as of February 2024
- Canopy Growth is the North American cannabis and consumer packaged goods company behind Doja, 7ACRES, Tweed, Deep Space, Martha Stewart CBD and Storz & Bickel
- Canopy Growth stock has given back 25.22 per cent year-over-year and 97.91 per cent over the past five years
Canopy Growth (TSX:WEED) has exercised its options to acquire Wana and Jetty Extracts, key players in the company’s U.S. expansion strategy.
Wana is one of the top cannabis edibles brands in North America. It boasts vertically integrated operations in Colorado, a growing licensing division across 15 additional U.S. states and territories, and a robust product pipeline focused on entering new markets, reliably delivering against desired need states, and fortifying its leadership position in the fast-growing gummies category.
Jetty is a California-based producer of cannabis extracts and the inventor of clean vape technology. It offers solventless vapes and live resin vapes, among other products, in California, Colorado, New York and New Jersey. According to market research firm BDSA, Jetty Solventless vapes ranked as the No. 1 live rosin vape brand in the United States as of February 2024 based on sales.
Canopy deployed the options – originally announced in October 2021 and May 2022 – for no additional cost through Canopy USA, its U.S.-based holding company, as it seeks to establish multi-state operations and reap the benefits of full ownership of its U.S. assets, including increased revenue and cost synergies.
Pending regulatory approvals, Canopy USA will own 100 per cent of Wana and approximately 75 per cent of Jetty Extracts upon closing the transactions.
Leadership insights
“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,” David Klein, Canopy Growth’s chief executive officer, said in a statement. “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.”
About Canopy Growth
Canopy Growth is the North American cannabis and consumer packaged goods company behind Doja, 7ACRES, Tweed, Deep Space, Martha Stewart CBD and Storz & Bickel.
Canopy Growth stock (TSX:WEED) last traded at C$13.31 per share. The stock has given back 25.22 per cent year-over-year and 97.91 per cent over the past five years.
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