Winnipeg Free Press By: Tara Deschamps, The Canadian Press Posted:
Last Modified: 1:48 PM CDT Thursday, Apr. 8, 2021
TORONTO - Canopy Growth Corp. continued its recent acquisition spree and preparation for the U.S. s potential legalization of pot with a $435-million deal to buy the Supreme Cannabis Co. Inc. on Thursday.
Staff work in a marijuana grow room at Canopy Growth s Tweed facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. THE CANADIAN PRESS/Sean Kilpatrick
TORONTO - Canopy Growth Corp. continued its recent acquisition spree and preparation for the U.S. s potential legalization of pot with a $435-million deal to buy the Supreme Cannabis Co. Inc. on Thursday.
Our supply is in balance with our demand, so we just view this as a win on the brand side and a win from a production asset side, Canopy chief executive David Klein told The Canadian Press. It also bolsters our path to profitability in Canada, which then positions us to hold that strong set of financial statements for our entry into the U.S. market.
The deal is Canopy s latest acquisition in a wave of consolidation in the cannabis sector, while it watches to see whether the U.S. loosens laws around marijuana following the election of President Joe Biden.
Tara Deschamps
Staff work in a marijuana grow room at Canopy Growth s Tweed facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. THE CANADIAN PRESS/Sean Kilpatrick April 08, 2021 - 8:45 AM
TORONTO - Canopy Growth Corp. continued its recent acquisition spree and preparation for the U.S. s potential legalization of pot with a $435-million deal to buy the Supreme Cannabis Co. Inc on Thursday.
Smiths Falls, Ont.-based Canopy said the acquisition will see Supreme Cannabis s 7Acres, Sugarleaf and Hi-way brands join Canopy s roster, that already includes Tweed, Tokyo Smoke, Quatreau and Doja. Our supply is in balance with our demand, so we just view this as a win on the brand side and a win from a production asset side, Canopy chief executive David Klein told The Canadian Press.
Canopy Growth signs deal worth $435 million to buy Supreme Cannabis
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TORONTO – Canopy Growth Corp. has signed a deal to buy the Supreme Cannabis Company Inc. in an agreement valued at $435 million.
The acquisition adds Supreme Cannabis’s premium brands, 7Acres and 7Acres Craft Collective, as well as others to Canopy’s roster of offerings.
The deal is the latest move by Canopy to grow by acquisition as the cannabis sector has seen a wave of consolidation. Canopy announced last week it had bought Ace Valley, a Toronto company that makes vapes, gummies and pre-rolls.
Canopy Growth Corp. continued its recent acquisition spree and preparation for the U.S.’s potential legalization of pot with a $435-million deal to buy the Supreme Cannabis Company on Thursday.
Smiths Falls-based Canopy said the acquisition will see Supreme Cannabis’s 7Acres, Sugarleaf and Hi-way brands join Canopy s roster, which already includes Tweed, Tokyo Smoke, Quatreau and Doja.
“Our supply is in balance with our demand, so we just view this as a win on the brand side and a win from a production asset side,” Canopy chief executive David Klein told The Canadian Press.
“It also bolsters our path to profitability in Canada, which then positions us to hold that strong set of financial statements for our entry into the U.S. market.”