Smiths Falls, ON and Oakland, CA--Canopy Growth Corporation and Lemurian, Inc. ("Jetty"), a California-based producer of cannabis extracts and pioneer of clean vape technology, announced in a press release that they have entered into definitive agreements providing Canopy Growth, by way of a wholly-owned subsidiary, the right to acquire, upon federal permissibility of THC in the U.S. or earlier at Canopy Growth's election, up to 100% of the outstanding capital stock of Jetty.
[Image source: Canopy Growth]
Founded in 2013, Jetty is a top 10 cannabis brand in California1, and a top 5 brand in the Vape Category2. Backed by award-winning technology, Jetty has paved the way for the most authentic and natural vape experience available to consumers. As a leader in solventless vape and a pioneer of extraction-related intellectual property (IP), Jetty has achieved strong growth over the past two years while generating positive EBITDA amidst the highly competitive California cannabis market.
These Agreements present Jetty with potential opportunities to collaborate across Canopy's robust U.S. THC ecosystem, which already includes the right to acquire both Acreage Holdings, Inc. and Wana Brands, as well as a significant conditional ownership interest in TerrAscend Corp. The two companies are also exploring avenues through which Jetty could bring the brand and its innovative product line up to the Canadian recreational market to fully realize the North American, cross-border potential of Jetty's industry-leading IP.
Read more on the partnership in the original press release.