Tara Deschamps
Staff work in a marijuana grow room at Canopy Growth s Tweed facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. THE CANADIAN PRESS/Sean Kilpatrick April 08, 2021 - 8:45 AM
TORONTO - Canopy Growth Corp. continued its recent acquisition spree and preparation for the U.S. s potential legalization of pot with a $435-million deal to buy the Supreme Cannabis Co. Inc on Thursday.
Smiths Falls, Ont.-based Canopy said the acquisition will see Supreme Cannabis s 7Acres, Sugarleaf and Hi-way brands join Canopy s roster, that already includes Tweed, Tokyo Smoke, Quatreau and Doja. Our supply is in balance with our demand, so we just view this as a win on the brand side and a win from a production asset side, Canopy chief executive David Klein told The Canadian Press.
Canopy Growth signs deal worth $435 million to buy Supreme Cannabis
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TORONTO – Canopy Growth Corp. has signed a deal to buy the Supreme Cannabis Company Inc. in an agreement valued at $435 million.
The acquisition adds Supreme Cannabis’s premium brands, 7Acres and 7Acres Craft Collective, as well as others to Canopy’s roster of offerings.
The deal is the latest move by Canopy to grow by acquisition as the cannabis sector has seen a wave of consolidation. Canopy announced last week it had bought Ace Valley, a Toronto company that makes vapes, gummies and pre-rolls.
Canopy Growth (CGC) to Acquire The Supreme Cannabis Company (SPRWF) for ~$435M in Mostly Stock streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Canopy Growth Corp. is buying rival pot producer Supreme Cannabis Company Inc. for $435 million in a cash-and-stock deal aimed at bolstering its share of the Canadian recreational market.
The deal comes a few days after Canopy announced it had bought the parent company behind Ace Valley, a white-label cannabis company that sells pre-rolls, vapes, and edibles in the Canadian market. While that deal expanded the company s premium offerings in Canada, the deal for Supreme gives Canopy another leading national brand that has a reputation for high quality and consumer traction.
Canopy said in a release it expects approximately $30 million in cost synergies over the next two years once the deal closes. The company also said the tie-up with Supreme will give it a 13.6-per-cent share of the Canadian cannabis market, including a top position in the premium dried flower and PAX vape categories. It will also acquire a small cannabis cultivation facility in Kincardine, Ont. as well as some s
Canopy Growth signs deal worth $435 million to buy Supreme Cannabis estevanmercury.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from estevanmercury.ca Daily Mail and Mail on Sunday newspapers.