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Canadian cannabis giant Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) has acquired AV Cannabis Inc.
Under the deal, the Smith Falls-based company obtained 100% of the cannabis brand Ace Valley to boost its product portfolio.
Ace Valley, a brand popular among millennial and Gen-Z consumers, holds top five and top 10 market positions in Ontario within its range of SKUs, according to the Thursday announcement.
Last year, it teamed up with the Toronto-based Olli Brands Inc. to develop Ace Valley-branded, cannabis-infused real fruit gummies that are gluten-free, dairy-free and have artificial sweeteners or colors.
“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,” Rade Kovacevic, Canopy Growth’s president and chief product officer, said in a statement.
Ace Valley’s founders Mike Wagman and Jesse Dallal called the brand a Canadian success story.
“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,” they said.
Canopy Growth recently raised some $750 million through a senior secured term loan. King Street Capital Management, L.P. agreed to serve as the company’s advisor for the transaction.
CGC Price Action: Canopy Growth shares were trading 2.96% higher at $32.98 at last check.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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