Canopy Growth Completes Acquisition of MTL Cannabis, Creating Canada's Leading Medical Cannabis Business by Revenue

Canopy Growth today completed its acquisition of MTL Cannabis, a transaction that establishes Canopy as Canada's leading medical cannabis business by revenue and meaningfully strengthens its core Canadian platform with additional high-quality flower.

Under the terms of the deal, MTL shareholders receive 0.32 of a Canopy Growth share plus $0.144 in cash for each MTL share, for total consideration of approximately 41.2 million shares and $18.5 million in cash. The combined business expects to realize roughly $10 million in run-rate synergies within 18 months, supporting Canopy's goal of reaching positive Adjusted EBITDA in fiscal 2027.

MTL brings three licensed facilities across Quebec and Ontario along with the Canada House Clinics network. Mike Perron, MTL's former Chief Executive Officer, joins Canopy Growth as Chief Operating Officer, while MTL's co-founders will serve as strategic advisors. "This is a defining step in strengthening our core Canadian business," said Luc Mongeau, Chief Executive Officer, framing the acquisition as central to Canopy's path toward sustainable profitability.