Canopy To Purchase Canada’s Supreme Cannabis For $435 Million
April 13, 2021Canopy Growth has made another key addition to its brand portfolio in Canada, agreeing to acquire Supreme Cannabis, known for its 7Acres label, in a $435 million deal. Canopy says 7Acres is the top premium flower brand in Canada.
With the acquisition, Canopy says it will hold a 23% share of the premium flower segment in the Ontario market and a 21% share in British Columbia, along with a top-five position nationwide in pre-rolled joints. Supreme Cannabis’ Blissco and Truverra brands also add breadth to Canopy’s presence in both the recreational and medical markets, the company added.
In addition to Supreme’s brand stable, Canopy is also gaining its hybrid-greenhouse cultivation facility at Kincardine, Ontario, which it says “has a demonstrated capability of consistently producing premium flower from sought-after strains at low cost with significant potential for scaling.” The Supreme acquisition follows Canopy’s recent deal for Ontario’s Ace Valley label, known for pre-rolls, vapes, and gummies.—Daniel Marsteller
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