Ace Valley’s products target the premium end of the cannabis market, and are popular with millennials and Gen-Z
Emerging cannabis giant Canopy Growth Corp. said Thursday it has acquired Toronto-based consumer marijuana brand AV Cannabis Inc. (Ace Valley), in a bid to boost its brand offering.
The company sells five of the 10 most popular cannabis products in Ontario, the company said, citing Ontario cannabis store sales data.
“Ace Valley’s complementary consumer positioning fits perfectly into Canopy Growth’s strategy of building authentic brands that truly resonate with consumers,” said Canopy’s president and chief product officer, Rade Kovacevic, in a statement. The company did not disclose the value of the deal.
Ace Valley’s products largely target the premium end of the cannabis market, and is popular among millennial and Gen-Z consumers.
The two companies have a pre-existing business relationship, with Canopy’s stores stocking Ace Valley products.
Canopy shares closed down 0.35 per cent on Thursday to $40.22.