Canopy Growth Finalizes Acquisition of Acreage Holdings

LOS ANGELES- Canopy Growth Corporation, a Canadian cannabis company, has completed its acquisition of Acreage Holdings through its U.S. subsidiary, Canopy USA, LLC. This transaction grants Canopy USA full ownership of Acreage Holdings, a multi-state cannabis operator based in New York.

The acquisition was finalized with Canopy issuing approximately 5.89 million shares, valued at around $21.2 million, to former Acreage shareholders.

This strategic move is part of Canopy’s broader plan to expand its presence in the U.S. cannabis market. In addition to Acreage, Canopy USA has acquired 100% of Wana Brands, a Colorado-based edibles manufacturer, and approximately 77% of Jetty Extracts, a California-based vape and concentrates company.

David Klein, CEO of Canopy Growth, stated that the completion of the Acreage acquisition marks the final step in establishing Canopy USA as a unified platform. He emphasized that this positions the company to capitalize on the expanding U.S. cannabis market, independent of federal legalization.

Dennis Curran, CEO of Acreage, noted that the integration with Canopy USA offers significant opportunities for growth and innovation, leveraging Acreage’s product portfolio and established retail presence.

Canopy USA’s portfolio now includes brands covering key market segments: Superflux for flower products, Jetty for vape and concentrates, Wana for edibles and beverages, and The Botanist for retail operations. This diversified portfolio aims to enhance Canopy’s competitiveness in the U.S. cannabis industry.

The U.S. retail cannabis market is projected to reach approximately $50 billion by 2026. Canopy’s strategic acquisitions are intended to position the company to capture a significant share of this market, with a focus on efficient growth and market expansion across key U.S. states.