Canopy’s acquisition plans continue to solidify as time goes on. The company has now jointly announced with Lemurian, Inc. (Jetty) that the two have entered into a definitive agreement that gives Canopy, through a wholly-owned subsidiary, the right to up to 100% of Jetty’s outstanding capital stock. The move to acquire the California-based producer of high-quality cannabis extracts and pioneer of clean vaporization technology will be completed once THC is federally approved in the US, or sooner if Canopy so desires.
Through these agreements, Jetty will have the opportunity to collaborate with Canopy’s established THC ecosystem in the US, which also includes the purchase of Wanna Brands and Acreage Holdings. Also under consideration is a significant stake in TerrAscend, a highly regarded company in the cannabis industry.
Both firms are analyzing various ways in which Jetty could bring the brand and its innovative product line to the Canadian adult market. The idea is to capitalize on the North American and cross-border potential of Jetty’s industry-leading intellectual property.
Jetty has become known in many parts of the Golden State and is a beloved brand for all residents. Upon completion of this recent acquisition, Canopy would gain a critical position in the largest and most historically significant THC market in the country. After nearly a decade of operations, Jetty’s established presence as the fifth largest vape brand in the California market will be a key to Canopy’s growing presence.
“Canopy Growth is building a house of premium cannabis brands with a focus on the core growth categories that will power the market’s path forward, now including Jetty – a pioneer of solventless vapes,” said David Klein, CEO of Canopy Growth. “There are significant opportunities for Jetty to scale at the state-level across the US by leveraging Canopy’s US ecosystem, and we’re actively working on plans to bring the brand to the Canadian recreational market.”