Canopy Growth announces plans to acquire Jetty Extracts
by CM Staff
The two companies are also exploring avenues through which Jetty could bring the brand up to the Canadian recreational market to fully realize the North American potential.
SMITHS FALLS and OAKLAND — Canopy Growth Corporation, a California-based producer of cannabis extracts and manufacturer of clean vape technology, announced that they have entered into definitive agreements providing Canopy Growth, by way of a wholly-owned subsidiary, the right to acquire, upon federal permissibility of THC in the U.S. or earlier at Canopy Growth’s election, up to 100% of the outstanding capital stock of Jetty.
Jetty is a cannabis brand in California, and has been involved in vape products that are available to consumers. Jetty has reported growth over the past two years while generating positive EBITDA amidst the California cannabis market.
These Agreements present Jetty with potential opportunities to collaborate across Canopy’s existing U.S. THC ecosystem, which already includes the right to acquire both Acreage Holdings, Inc. and Wana Brands, as well as a significant conditional ownership interest in TerrAscend Corp. The two companies are also exploring avenues through which Jetty could bring the brand up to the Canadian recreational market to fully realize the North American potential.
- Further Accelerates the Growth of the Company’s U.S. THC Ecosystem: Through these Agreements, Canopy Growth continues to develop its U.S. ecosystem by adding an established cannabis brand.
- Extraction Technology: Jetty has developed capabilities in extraction and clean vape technology. As one of the first brands to bring to market a vape free of fillers and cutting agents, Jetty has launched its solventless vape and concentrate collection.
- Establishes a foothold in the Largest U.S. THC Market: Jetty is a California brand and upon exercise of the options granted under the Agreements, would give Canopy Growth a stronger position in the THC market in the U.S.
“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, Canopy Growth. “There are significant opportunities for Jetty to scale at the state-level across the U.S. by leveraging Canopy’s U.S. ecosystem, and we’re actively working on plans to bring the brand to the Canadian recreational market.”