Cover Progress acquires $ 435 million value of Supreme Hashish

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Supreme brands include 7Acres, Blissco and Sugar Leaf.

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Sam Riches The deal follows last week's announcement that Canopy has acquired Ace Valley, a Toronto-based company that makes pre-rolls, vapes, and groceries.  /. The deal follows last week’s announcement that Canopy has acquired Ace Valley, a Toronto-based company that makes pre-rolls, vapes, and groceries. /. Photo by Julie Oliver / Postmedia News Files

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One of Canada’s largest cannabis companies just got a little bigger.

Canopy Growth Corp. has signed a deal to purchase Supreme Cannabis Company Inc. for $ 435 million, the Canadian press reports.

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The deal follows last week’s announcement that Canopy has acquired Ace Valley, a Toronto company that makes pre-rolls, vapes, and edibles.

Under the latest deal, Canopy will acquire Supreme’s numerous brands, including 7Acres, Blissco and Sugar Leaf.

Canopy also acquires Supreme Hybrid Greenhouse Cultivator in Kincardine, Ont. In a press release, Canopy stated that the “scalable production facility” has been shown to produce premium flowers at a low cost.

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“As we continue to expand our leading brand portfolio, we are excited to reach more consumers through Supreme’s premium brands and high-quality products and further consolidate Canopy’s leadership,” said David Klein, Canopy’s CEO, in the press release.

“Supreme’s deep commitment to superior genetics, world class cultivation and strict quality control, coupled with Canopy’s leading customer insights, advanced research and development and innovation capabilities, is expected to create a powerful combination that aligns with our strategic direction to deliver premium quality growth generate products in key categories, ”adds Klein.

Supreme Cannabis shareholders will receive 0.01165872 of one Canopy common share and 0.01 cents in cash for each Supreme Cannabis share.

Canopy says shareholders of Supreme Cannabis will benefit from the company’s US-focused CBD business and continued US expansion efforts.

“This transaction is a testament to the value added by all teams at Supreme and will benefit all of our stakeholders,” said Beena Goldenberg, President and CEO of Supreme Cannabis.

“We have managed to deliver great products that achieve strong customer loyalty and operate with industry-leading levels of efficiency. The combination of Supreme Cannabis with Canopy – a Canadian leader with exposure to the US – offers both companies a significant value creation opportunity, ”added Goldenberg.

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