Cannabis company Canopy Growth Corp. has signed a deal with Indiva Ltd. for the exclusive rights and interests to manufacture, distribute and sell Wana branded edible products in Canada.
The companies also signed a contract manufacturing agreement that grants Indiva the exclusive right to manufacture and supply Wana branded products in Canada for five years, with the ability to renew for an additional five-year term upon mutual agreement.
Under the deal, Canopy Growth will buy about 37.2 million Indiva shares for a purchase price of 5.79 cents per share for a total of nearly $2.2 million giving it a 19.99 per cent stake in Indiva.
OBJ360 (Sponsored)
Why your next investment should be Canadian art
Ahead of its highly anticipated Give to Get Art Auction on May 29th, the Ottawa Art Gallery (OAG) offers some expert advice on investing in art. Art can inspire, spark
Ottawa’s Paterson Group offers a million reasons to give
There’s a particular image that David Gilbert, President of Ottawa-based Paterson Group, is delighted to share. It’s a map of the Ottawa area and beyond covered with thousands of dots,
The company will also pay Indiva additional consideration representing a value of $844,383 and a cash payment of $1.25 million on May 30, 2024.
Canopy Growth chief executive David Klein says the agreements provide the company more complete ownership over the value chain for the Wana brand in Canada, while ensuring the continuity of high-quality manufacturing.
In addition to Wana, Indiva produces cannabis edibles under the Bhang and Pearls by Gr?n brands as well as its own banner.
