Canopy Growth reveals plan to purchase leading North American cannabis edibles brand Wana Brands

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Bethan Rose Jenkins, Cannabis News Writer/Editorial

Canopy Growth Corporation has been granted the right to purchase 100 percent of the pending membership interests of Wana Wellness, LLC

The definitive agreement, which includes Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC, is contingent on federal acceptance of THC (tetrahydrocannabinol) in the U.S.

Acknowledged as North America’s leading cannabis edibles brand in terms of market share, Wana strives to assist people in enhancing their quality of life with responsible cannabis consumption.

According to company officials, Wana anticipates that license agreements will be firmly established across 20+ U.S. states before the end of next year. Included in that list of states is New Jersey and New York.

What are the strategic benefits of Canopy’s plan to purchase Wana Brands? 

Since Wana is renowned for churning out steady revenue growth, Canopy is sure to benefit from this highly scalable business model. Aside from strengthening Canopy Growth’s geographic exposure across the ever-growing U.S. cannabis market, the plan to acquire Wana Brands would also enhance Canopy’s brand image and product selection. 

Company officials are also excited about the fact that edibles represent one of the most dominant categories. In the Canadian and U.S. cannabis markets, edibles constitute a whopping 71 percent of market share, thus granting Canopy the opportunity to gain a leadership position in this highly sought-after category.

Another strategic benefit of the deal is the increased working space that Canopy will maintain. Wana’s vertically-integrated Colorado facilities will be made available to Canopy, not to mention Wana’s swelling licensing division. Currently, the licensing division expands over 11 U.S. states and is anticipated to cover in excess of 20 states before the end of next year.

About Wana Brands

Founded in 2010, Wana Brands prides itself on being recognized as the number one edible company with operations across the United States. The premiere global cannabis-infused products brand is headquartered in Boulder, Colorado

Wana produces and sells gummies across Colorado, which was among the first two U.S. states alongside Washington D.C. to legalize cannabis for recreational purposes. Additionally, the company licenses intellectual property to a range of partners whose specialty involves distributing, selling and manufacturing Wana-branded gummies to various U.S. states, including Arizona, California, Florida, Illinois and Michigan. 

Not only does Wana serve the U.S. market but also cannabis consumers in Canada, which legalized the plant in October 2018. The acclaimed company’s assortment of gluten-free and vegan gummies are produced in a variety of flavors. Various CBD, CBG, CBN, THC and melatonin blends are available.