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Canopy Growth signs deal worth $435 million to buy Supreme Cannabis

·1 min read

TORONTO — Canopy Growth Corp. has signed a deal to buy the Supreme Cannabis Company Inc. in an agreement valued at $435 million.

The acquisition adds Supreme Cannabis's premium brands, 7Acres and 7Acres Craft Collective, as well as others to Canopy's roster of offerings.

The deal is the latest move by Canopy to grow by acquisition as the cannabis sector has seen a wave of consolidation. Canopy announced last week it had bought Ace Valley, a Toronto company that makes vapes, gummies and pre-rolls.

Supreme Cannabis shareholders will receive 0.01165872 of a Canopy common share and 0.01 of a cent in cash for each Supreme Cannabis share held.

The offer is worth 44 cents per Supreme Cannabis share.

Supreme Cannabis shares closed at 26.5 cents on the Toronto Stock Exchange on Wednesday, while Canopy shares closed at $37.74.

This report by The Canadian Press was first published April 8, 2021.

Companies in this story: (TSX:WEED, TSX:FIRE)

The Canadian Press