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Canopy Growth Strikes Deal To Acquire Cannabis Edibles Maker Wana Brands For $298 Million

October 15, 2021

In case you missed last night’s news alert, Constellation-backed cannabis company Canopy Growth has agreed to pay $297.5 million for the right to acquire Colorado-based edibles maker Wana Brands, contingent upon federal legalization of cannabis in the U.S. Wana claims to be the U.S. market leader in the edibles category, and is known for its cannabis gummies, which sell in a variety of flavors and strengths, including options like Appletini Hybrid, Colorado Sunrise Sativa, and Island Punch Indica, with a 10-pack of gummies each with 10mg THC retailing at around $17.

The proposed deal for Wana mirrors a similar arrangement Canopy has in place to acquire U.S. multi-state operator Acreage Holdings upon federal legalization. Unless and until Canopy exercises its right to acquire Wana, it will have no economic or voting interest in the Colorado company, which will continue to operate independently.

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