Wana Edibles Announces New CEO As $300M Player Readies To Formally Join Canopy
April 23, 2024Wana Edibles is among several U.S. cannabis companies set to come under the Canopy USA umbrella, following the news last week that Canopy Growth shareholders have approved the formation of the U.S. holding company. As Wana readies to join Canopy USA, its cofounder and CEO Nancy Whiteman is stepping down at the end of May to devote more time to philanthropic interests, with current CMO Joe Hodas set to succeed her.
Wana, which is present across 17 states and nine Canadian territories, has annual retail value of nearly $300 million through its 3,000-dispensary footprint. Under Hodas, the company intends to “expand its domestic presence across the East Coast while also breaking new ground in international markets.”
Whiteman will continue to be involved as a member of the board of managers leading Canopy USA. Along with other members of the board, she’ll help drive Canopy USA’s strategy, integration, and growth of Wana as well as Jetty Extracts and Acreage Holdings, which are also set to come under the Canopy USA banner.
In related news, Canopy Growth backer Constellation Brands has formally converted its stake in the company into exchangeable shares, in a previously announced move. Constellation’s former directors on the Canopy board have stepped down. The shares can be converted back to common shares of Canopy on a one-to-one basis if Constellation elects—comprising about a 26% stake of the company—but it has no plans to do so until cannabis is legalized federally in the U.S.
“While we remain supportive of Canopy’s strategy, this transaction is expected to eliminate the impact to our equity in earnings and is aligned to our intent to not deploy additional investment in Canopy,” said Constellation president and CEO Bill Newlands. —Daniel Marsteller
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