Canopy Growth Completes Acreage Acquisition
December 10, 2024Canada-based Canopy Growth has completed its acquisition of U.S.-based cannabis operator Acreage, furthering Canopy’s push in the American market. The move brings national brands like the Botanist and Superflux fully under Canopy control, along with Acreage’s regionial labels like Prime Wellness of Pennsylvania. “Completing the acquisition of Acreage marks the final step in establishing Canopy USA as a unified platform which we believe offers significant upside as the Canopy USA portfolio of brands can now capitalize on the rapidly expanding U.S. cannabis market, independent of the need for federal legalization,” said outgoing Canopy CEO David Klein.
Together with Wana and Jetty, in which Canopy owns 100% and roughly 77% of shares, respectively, Canopy’s acquisition of Acreage gives the company a strong position in the Midwest and Northeast, including in the rapidly growing Ohio market, through Acreage’s Botanist dispensaries. “This integration positions Acreage to expand its reach, better serve its customers, and deliver meaningful value to the market. It is exciting to see the opportunities ahead and the shared vision under Canopy USA,” said Dennis Curran, CEO of Acreage.—Shane English
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