Canopy Growth Gets Shareholder Go-Ahead For U.S. Expansion
April 16, 2024Canopy Growth shareholders have approved the company’s previously announced plan to accelerate its entry into the U.S. cannabis industry with a new Canopy USA holding company. Canopy will have a non-controlling interest in Canopy USA, which holds the company’s U.S. cannabis investments, enabling it to exercise rights to formally acquire Acreage Holdings, Wana Brands, and Jetty—companies Canopy originally agreed to acquire only upon federal legalization of cannabis.
“Canopy USA can now move quickly to acquire its U.S. assets in Wana, Jetty, and Acreage, and we expect Canopy Growth to begin highlighting Canopy USA’s financial performance to our shareholders later this year,” said Canopy CEO David Klein. The company says it’s “ideally positioned in the fastest growing categories, such as edibles, vapes, and flower,” with the benefit of its U.S. acquisitions, and will “leverage the best of each brand’s offerings to accelerate growth and market expansion as key states across the country continue to allow adult-use cannabis usage.”—Daniel Marsteller
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