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Canopy Growth acquires Ace Valley cannabis in bid to grow brand loyalty with customers
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Canopy Growth acquires Ace Valley cannabis in bid to grow brand loyalty - Business News
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Emerging cannabis giant Canopy Growth Corp. said Thursday it has acquired Toronto-based consumer marijuana brand AV Cannabis Inc. (Ace Valley), in a bid to boost its brand offering.
The company sells five of the 10 most popular cannabis products in Ontario, the company said, citing Ontario cannabis store sales data.
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“Ace Valley’s complementary consumer positioning fits perfectly into Canopy Growth’s strategy of building authentic brands that truly resonate with consumers,” said Canopy’s president and chief product officer, Rade Kovacevic, in a statement. The company did not disclose the value of the deal.
Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) has acquired AV Cannabis Inc.
Under the deal, the Smith Falls-based company obtained 100% of the cannabis brand Ace Valley to boost its product portfolio.
Ace Valley, a brand popular among millennial and Gen-Z consumers, holds top five and top 10 market positions in Ontario within its range of SKUs, according to the Thursday announcement.
Last year, it teamed up with the Toronto-based Olli Brands Inc. to develop Ace Valley-branded, cannabis-infused real fruit gummies that are gluten-free, dairy-free and have artificial sweeteners or colors.
“The team at Ace Valley has built a premium cannabis brand, with an impressive consumer following, and we’re excited to deploy the full distribution power of Canopy Growth to expand the brand to consumers across Canada,” Rade Kovacevic, Canopy Growth’s president and chief product officer, said in a statement.
Canopy Growth acquires Ace Valley cannabis in bid to grow brand loyalty
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Staff work in a marijuana grow room that can be viewed by at the new visitors centre at Canopy Growth facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. Canopy Growth Corp. has purchased AV Cannabis Inc. in a bid to build more brand loyalty with customers. THE CANADIAN PRESS/Sean Kilpatrick
SMITHS FALLS, Ont. – Canopy Growth Corp. has purchased AV Cannabis Inc. in a bid to build more brand loyalty with customers.
The Smiths Falls, Ont.-based cannabis company says it has acquired Ace Valley, a Toronto company that makes vapes, gummies and pre-rolls.
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