Canopy Growth was already known as one of the largest cannabis companies in the industry, but continues to add to its footprint to ensure it stays that way. There have already been several key acquisitions made over the past year and the addition of Ace Valley Cannabis, one of the leading cannabis companies in Ontario, will further cement Canopy Growth’s position. Canopy Growth announced late last week that it had successfully completed the acquisition of Ace Valley, taking 100% control of the company.
Ace Valley is well positioned in Ontario across its range of products and has taken the lead among millennial and Gen-Z consumers. Offering consumer-focused, premium-quality brands fits well with Canopy Growth’s business model and will allow Canopy Growth to achieve new revenue streams and cost synergies through expansion. Rade Kovacevic, President & Chief Product Officer of Canopy Growth, explains, “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. Ace Valley’s complementary consumer positioning fits perfectly into Canopy Growth’s strategy of building authentic brands that truly resonate with consumers.”
Ace Valley will now enjoy the benefits of Canopy Growth’s national sales, marketing and distribution channels to find more growth beyond Ontario. While the terms of the acquisition were not released, the inclusion of Ace Valley’s ready-to-use pre-rolls, vaping products and gummies that target an identified and proven market will give Canopy Growth significant leverage. Ace Valley founders Mike Wagman and Jesse Dallal assert, “This is a Canadian success story and proof of the enduring value of authentic, thoughtfully crafted brands and we’re proud to have built a strong and loyal consumer following behind Ace Valley. Having collaborated with Canopy Growth through the early success of the brand, we’re confident that the integrity of Ace Valley will endure as the talented team at Canopy Growth takes it to the next level.”