Canadian companies are looking for ways to get in on the larger, high-growth U.S. market, but still face the sizeable obstacle that marijuana remains federally illegal and can’t be imported. Canopy has similar deals with Acreage Holdings Inc. and TerrAscend Corp.
“The right to acquire Wana secures another major, direct pathway into the U.S. THC market upon federal permissibility,” Canopy Chief Executive Officer David Klein said in a statement. “And in Canada we’ll be adding the top-ranked cannabinoid gummies to our industry-leading house of brands,” Wana sells products in Canada and 12 states in the U.S., in part through licensing of its intellectual property. Its gummies come in flavours including watermelon, blueberry and mango, and include THC, the psychoactive compound in marijuana.Cassels Brock & Blackwell LLP is acting as Canadian legal counsel and Paul Hastings LLP is acting as U.S. legal counsel to Canopy on the deal. Bryan Cave Leighton Paisner LLP is legal counsel to Wana.
Source: News Formal (newsformal.com)
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