SPRWF - Canopy Growth closes Supreme acquisition

OlegMalyshev/iStock via Getty Images Canopy Growth ([[CGC]] +0.6%) has completed the previously announced acquisition of The Supreme Cannabis Company ([[SPRWF]] +2.9%). Following the transaction valued at $435M, Supreme Shares are expected to be de-listed from the Toronto Stock Exchange on or about June 23, Canopy Growth said in the statement. In addition to $30M in synergies expected within the next two years, the combination will help Canopy to creates a pro forma Q4 FY 2021 market share of 18.1%. "Through the addition of Supreme, we're strengthening our leadership position by offering Canadian consumers a differentiated brand portfolio – including the addition of 7ACRES, which further bolsters our premium product segment," noted Canopy Growth CEO David Klein. Per the previous announcement on the proposed deal, the transaction was expected to generate ~13.6% of Pro-forma share in the Canadian recreational market for Cannabis.

For further details see:

Canopy Growth closes Supreme acquisition