On May 30, 2023, Canopy Growth Corporation entered into a license assignment and assumption agreement with Indiva Limited, the leading Canadian producer of cannabis edibles and other cannabis products, and its subsidiary, Indiva Inc. The assignment agreement provides Canopy Growth exclusive rights and interests to manufacture, distribute, and sell Wana branded products in Canada.
Simultaneously, Canopy Growth and Indiva also entered into a contract manufacturing agreement, under which Canopy Growth will grant Indiva exclusive rights to manufacture and supply Wana branded products in Canada for five years, with the ability to renew for an additional five-year term.
Indiva will also complete a non-brokered private placement whereby Canopy Growth will subscribe for 37,230,000 common shares at a price of $0.0579 per common share for an aggregate purchase price of approximately $2.15 million. The private placement is expected to close on or before June 6, 2023.
Cassels is acting for Canopy Growth.