Canopy Growth Corp. is accelerating its entry into the United States through a plan that will trigger full ownership of its American cannabis investments under the umbrella of a new U.S.-domiciled holding company, Canopy USA, in advance of any potential federal reform.
But the deal – which the Canadian producer said would make the company profitable – could take time to pull off, with at least one key acquisition not expected to be completed until potentially early calendar 2024.
ADVERTISEMENT
The Smiths Falls, Ontario-based company announced Tuesday the creation of Canopy USA, which will purchase the American cannabis businesses – multistate operator Acreage Holdings, extractor Jetty Extracts and edibles maker Wana Brands – that Canopy had agreed to buy once recreational marijuana was legal under U.S. law.
Canopy has decided not to wait for U.S. federal legalization, though Tuesday’s announcement comes after President Joe Biden’s recent move to review
Read full article on Marijuana Business Daily
