Canopy Growth has spent $300 million on its option to buy Acreage for $3.4 billion, following the triggering event. The terms of Harvest Health’s deal with CannaPharmacy haven’t yet been disclosed.
It should also be noted Ontario-based Canopy received a $4 billion investment last year from Constellation Brands, the Fortune 500 alcohol company which produces Corona and Modelo beers, Svedka vodka as well as Woodbridge and Robert Mondavi wines, among others.
Both of these cannabis powerhouses have not just one but two routes into New Jersey: Canopy Growth entered into a deal with TerrAscend, the Canada-based majority owner of NETA-NJ, in 2017; and Harvest Health signed a definitive agreement on Tuesday to acquire Verano Holdings, the parent company of the recent licensee, Verano NJ, LLC, for $850 million in stock.
Given the significant amount of capitalization behind these operators, criticism continues to bubble in the industry as to whether the landscape will provide opportunities to mom-and-pop’s or solely to deep-pocketed companies.