Canopy USA, LLC has wrapped up its acquisition of Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF), Canopy Growth Corporation's (TSX: WEED) (NASDAQ: CGC) U.S.-domiciled holding company said on Monday. Canopy USA, created in 2022 to streamline the Canadian cannabis giant's entry into the US market, now owns 100% of the issued and outstanding shares of Acreage. The $3.4 billion acquisition deal was first in 2019. Initially, the deal was to be undertaken should the U.S. legalize marijuana on a federal level. That deal was later restructured.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) and Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U)(OTCQX: ACRHF, ACRDF) announced on Monday that it is anticipated that Canopy USA, LLC will complete its acquisition of Acreage on or around Dec. 9, 2024. The Canadian cannabis giant announced its plans to acquire Acreage for $3.4 billion in 2019. Initially, the deal was to be undertaken should the U.S. legalize marijuana on a federal level. That deal was later restructured. The deal outlined the plan to acquire all Class E subordinate voting shares of Acreage. This acquisition will follow the purchase of the Class D shares of Acreage, based on an agreement from October 24, 2022. After both acquisitions are completed, Canopy USA will own all shares of Acreage.
Cannabis retailer Tokyo Smoke has finished its restructuring process and is no longer under financial protection, following a court's approval. The Canadian company first announced that it started restructuring its business in August, obtaining an initial order under the Companies Creditors Arrangement Act (CCAA) from the Ontario Superior Court of Justice in Canada. In Sept. the company entered a share subscription agreement with TS Investments Corp., its parent company. Under the deal, TS Investments agreed to subscribe to all of the issued and outstanding shares of Tokyo Smoke. That deal was valued at roughly $56.7 million (CA$77 million).
Acreage Holdings, Inc. (CSE:ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) said it anticipates that Canopy USA, LLC -Canopy Growth Corporation‘s (TSX: WEED) (NASDAQ: CGC) strategy for capturing the U.S. cannabis - will complete its acquisition of Acreage by mid-December, 2024.The move could leave holders of Acreage's Class E shares (fixed shares) with nothing. That is, if Canopy's stock price price remains below $5 when the deal closes, Acreage said in Monday's press release.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced on Tuesday its board of directors has named Luc Mongeau as the company's next chief executive officer, effective Jan. 6, 2025.Mongeau, a CPG veteran and current board member at the Canadian cannabis giant, succeeds CEO David Klein, who announced his plans to retire in August.Klein, who joined Canopy Growth in January 2020, led the Ontario-based company through transformation and development to meet opportunities within the global cannabis market.
Cannabis company Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) is launching the award-winning California-grown Claybourne brand in Canada, via an exclusive licensing agreement. Canadian medical cannabis company Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) revealed its latest lineup of innovations from Greybeard, San Rafael '71 and Tasty's brands for Canadian consumers.Cannabis producer and retailer The Cannabist Company (Cboe CA: CBST) (OTCQX: CBSTF) (FSE: 3LP) announced on Wednesday the launch of its partnership with Veda Warrior, a New Jersey-based minority woman-owned Ayurvedic wellness brand.
Vertically integrated cannabis multi-state operator Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) reported on Thursday its financial results for the third quarter ended Sept. 30, 2024. "In the third quarter, we continued to focus on re-accelerating growth across our core states, including Connecticut, Illinois, and New Jersey, while also executing on the highly anticipated launch of non-medical sales in Ohio," Dennis Curran, the company's CEO, said. "With our strengthened financial position, we have bolstered our capacity to pursue opportunities in these markets as they continue to mature, which is expected to play a pivotal role in driving both revenue generation and improvements in Adjusted EBITDA as we close out 2024."
Canopy Growth reported 9% a year-over-year decrease in net revenue to CA$63 million ($45.4 million). Adjusted EBITDA loss was CA$6 million, representing a 54% improvement year-over-year, driven primarily by the realized benefit of the company's cost savings program. Judy Hong, the company's CFO, said "With expected improvement in top-line growth in the second half of the fiscal year and continued cost discipline, we believe we remain on a path to achieve positive Adjusted EBITDA at the consolidated level in the coming quarters."
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) will report the second quarter of fiscal year 2025 ended Sept. 30, before financial markets open on Friday, Nov. 8, 2024. IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) a medical cannabis company with operations in Israel and Germany, will report operational and financial results for the third quarter ended Sept. 30 on Nov. 14, 2024, before the market opens. Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) will report earnings results for its third quarter ended Sept. 30 on Friday, Nov. 8, 2024, before the financial markets open.
The U.S. Hemp Roundtable made headlines in early September as its board of directors welcomed two distinguished leaders from the hemp beverage sector to its officer ranks. New York's chief equity officer at the state Office of Cannabis Management, Damian Fagon, has formally resigned, effective November 27.
anopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced on Wednesday that Canopy USA, LLC has completed its acquisition of Wana. The deal includes Wana Wellness, LLC, The CIMA Group, LLC, and Mountain High Products, LLC. The top edibles brand, Wana, generated roughly $150 million in retail sales across 19 states in 2023. Canopy USA now owns 100% of the outstanding equity interests in Wana. Combined with the wrapped-up acquisition of roughly 75% of the shares of cannabis edibles producer, Lemurian, Inc. (Jetty) as announced this past June, Canopy USA has fulfilled its plan to set up a brand-focused cannabis company in the U.S.
The Czech Republic could be missing out on hundreds of millions of euros annually as the governing coalition remains persistent in avoiding establishing a regulated marijuana market. That's according to the findings of a comprehensive study examining the possible costs and benefits of various cannabis reform models being proposed nationwide.
In late July, nearly three months after New York Governor Kathy Hochul fired Chris Alexander, the former head of the state's Office of Cannabis Management (OCM), following an internal review, a series of high-level departures made headlines.Connecticut Social Equity Council (SEC), which manages social equity activity for the state's recreational marijuana market, got a new executive director earlier this month. Brandon McGee, who previously worked on Gov. Ned Lamont's reelection in 2022, replaced Ginne-Rae Clay, reported Marijuana Business Daily citing CT Insider.Canopy Growth Corporation and Curaleaf Holdings, Inc. announced CEO shake-ups.
Cannabis company Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced on Friday that CEO David Klein opted to retire after the company's current fiscal year ending March 31, 2025. Klein agreed to continue to serve in his role as CEO and as a member of the company's board of directors until this date or such time that a successor is named. The Canadian cannabis giant said its board is working on securing a search firm to initiate a CEO selection process focused on identifying the right candidate. Klein, who joined the company in January 2020, led the Smiths Falls, Ontario-based company through transformation and development to meet opportunities within the global cannabis market.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) today announces its financial results for the first quarter ended June 30, 2024.The Canadian cannabis giant reported a record quarter for Canadian medical cannabis, with new revenue surging 20% year-over-year and representing the 6th consecutive quarter of growth. In addition, the company has been ramping up its efforts to expand in the U.S. market via the Canopy USA business unit.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) will release its financial results for the first quarter of fiscal year 2025 ended June 30, 2024, before financial markets open on August 9, 2024.Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) will hold its 2024 second-quarter earnings conference call on Thursday, August 8, 2024, at 8:30 am Eastern Time. TILT Holdings Inc. (Cboe: TILT) (OTCQB: TLLTF) will host a second-quarter earnings conference call on Friday, August 9, 2024, at 8:30 am Eastern Time. WM Technology, Inc. (NASDAQ: MAPS) - also known as Weedmaps - a leading marketplace and technology solutions provider to the cannabis industry, today announced it will report financial results for its second quarter ended June 30, 2024, after market close on Thursday, August 8, 2024. Charlotte's Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) will report its 2024 second-quarter results prior to the market opening on August 8, 2024. A conference call to review the results is scheduled for the same day at 11:00 am Easter Time.
The Czech Republic could follow suit and like Germany legalize the recreational use of cannabis, according to leaked documents.The lawmakers in the European country seem to be looking to launch a fully regulated commercial adult-use cannabis market as part of its ‘Cannabis Management Act.' The lawmakers in the European country seem to be looking to launch a fully regulated commercial adult-use cannabis market as part of its ‘Cannabis Management Act.' The news comes on the heels of National Drug Coordinator Jindřich Vobořil's decision to resign from his current role to continue to serve on the project in an advisory role. The measure that seeks to set up a cannabis market much like that in Canada and certain states in the US has yet to be reviewed internally and by the European Commission.
s Benzinga Cannabis Capital Conference returns to Chicago this Oct. 8-9 its 19th edition, gathering top CEOs, investors and investors and leaders in the cannabis industry, let's scroll through the latest leadership changes in the space.Kicking off with Margaret Brodie, CEO of Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), who has recently been nominated as an EY Entrepreneur Of The Year 2024 finalist in Pacific. The company shared the news in an X post earlier in June. Canadian cannabis giant Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) recently appointed Ryan Keith, a senior commercial leader with over two decades of experience in the healthcare and pharmaceutical sectors as head of clinics. Cannabis multi-state operator Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) reported last week that it has tapped Rebecca Kirk to serve as its chief operating officer.
Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) announced on Wednesday it's seeking to secure $10 million in finding.The New York-based company said in a press release that it has entered into subscription agreements with certain institutional investors to issue units by way of a brokered private placement for $833.33 per unit.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced on Tuesday today that the option to acquire all of the issued and outstanding Class E subordinate voting shares of Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF), has been exercised.The latest move is by the terms of the arrangement agreement dated April 18, 2019, as amended, between Canopy Growth and Acreage.In connection with the arrangement agreement dated October 24, 2022, by and among Canopy Growth, Canopy USA, LLC and Acreage, as amended, in respect of the Class D subordinate voting shares of Acreage, on closing, Canopy USA will acquire all of the fixed shares and floating shares and Acreage will become a wholly-owned subsidiary of Canopy USA.
