- Wana is the top U.S. edibles brand by market share. It also has a substantial portion of the Canadian market through a partnership with Indiva.
- Wana CMO Joe Hodas recently described the brand’s new “Optimals” product line as a “monumental shift in how we market the plant.”
- It’s the latest in a series of cross-border deals designed to create ways for Canadian operators to access the U.S. market without breaking U.S. law. Canopy is paying $297.5 million upfront in cash for call options to acquire 100% of three Wana entities. There may be future payments as well.
- Several days before the deal was announced, the Wall Street Journal discussed the dilemma for Canadian companies.
- Canopy previously entered a deal to buy MSO Acreage once it was legally viable. The unconsummated deal has since been scaled back.
Many more deals this week:
- Dispensary software platform Dutchie raised a $350M series D at a $3.75B valuation. The deal doubles Dutchie’s valuation from its March Series C, when it raised $200M. D1 Capital Partners led the round. Some of the money will go into Dutchie’s R&D lab where it has pledged to spend $100M on tools the industry needs.
- Jay-Z invested $19M in dispensary software Flowhub.
- Chicago-based PharmaCann said it would acquire LivWell, Colorado’s largest vertically integrated company, for undisclosed terms.
- Chicago-based MSO Cresco Labs said it would acquire Laurel Harvest Labs, a Pennsylvania dispensary for $80M. The deal comes days after Cresco said it would would acquire another Pennsylvania dispensary.
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