Canada Plays Big Role In Colorado’s Cannabis M&A
Even American M&A’s are infused with Canadian investment capital
Nearly three years after Gov. Jared Polis signed House Bill 1090, opening up Colorado’s cannabis market to outside investment, publicly announced merger and acquisition activity is picking up steam. And Canada is playing a big role in the consolidation of Colorado’s cannabis businesses.
In 2021 alone, Boulder-based edibles manufacturer Wana Brands announced a major acquisition by publicly traded Canadian cannabis giant Canopy Growth (Nasdaq: CGC); Livwell Enlightened Health, the region’s second-largest cannabis company, struck a deal with Chicago-based multistate operator PharmaCann; and Green Dragon, the metro’s sixth-largest cannabis chain, announced its acquisition by California cannabis-delivery company Eaze.
In November, New York-based multistate operator Columbia Care completed its purchase of the four-store Medicine Man chain a little over a year after completing the acquisition of Denver’s largest retail chain, The Green Solution.
And it’s not just cannabis companies that are being snapped up by other cannabis companies. Breckenridge Distillery was just bought by Canadian Tilray Inc. (Nasdaq: TLRY), the world’s largest company focused on the plant, in its first major Colorado move that opens the door to the widespread distribution of cannabis-infused beverages — someday.
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