Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) announced on Wednesday that Canopy USA, LLC has completed its acquisition of Wana. The deal includes Wana Wellness, LLC, The CIMA Group, LLC, and Mountain High Products, LLC. The top edibles brand, Wana, generated roughly $150 million in retail sales across 19 states in 2023.

Canopy USA now owns 100% of the outstanding equity interests in Wana. Combined with the wrapped-up acquisition of roughly 75% of the shares of cannabis edibles producer, Lemurian, Inc. (Jetty) as announced this past June, Canopy USA has fulfilled its plan to set up a brand-focused cannabis company in the U.S.

"With Wana now part of Canopy USA alongside Jetty, Canopy USA is gaining momentum while reinforcing its commitment to building a diverse portfolio of industry-leading brands in the U.S. cannabis market," said David Klein, the company's CEO and member of the board of managers of Canopy USA. "Completing the acquisition of Wana marks another significant milestone in Canopy USA's strategy and unlocks new growth opportunities across both state-legal markets and through hemp-derived products across the U.S."

Read Also: Canopy Growth Q1 Revenue Drops 13% YoY, Reports Wider Net Loss

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The completed acquisitions of Wana and roughly 75% of the shares of Jetty, followed by the contemplated acquisition of Acreage Holdings, Inc. (OTC:ACRHF), are expected to enable Canopy USA to boost its financial position.

Senior analyst Pablo Zuanic, from Zuanic & Associates agrees. He said in his latest report these assets position Canopy USA for growth, with potential further upside from federal regulatory changes, as reported by Benzinga's Nicolás Jose Rodriguez.

The analyst said Canopy USA's strategy is to scale its brands, such as Wana and Jetty, by expanding product lines and entering new markets. "The goal is to build a portfolio of differentiated brands with unique attributes in key segments," he said.

Zuanic highlighted Canopy USA's "asset-light" approach, explaining that the company will focus on brand expansion rather than investing heavily in cultivation. "The Canopy USA structure allows the company to scale brands without building large grow facilities, leveraging partnerships and reciprocity deals."

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CGC Price Action

Canopy Growth's shares traded 0.73% higher at $4.12 per share during the pre-market session on Wednesday morning.