Canadian medical cannabis firm Canopy Growth has acquired Kingdom of Lesotho-based Daddy Cann Lesotho PTY Ltd, trading as Highlands, which holds licenses to cultivate, manufacture, supply, hold, import, export, and transport cannabis and its resin in the African nation. The $29 million acquisition gives Canopy its first foothold in Africa. Canopy now has operations on five continents.
“Lesotho is Canopy Growth’s first step into Africa and we look forward to working with the strong local team at Highlands to establish production and distribution capabilities consistent with Canopy’s global standard for high-quality, regulated medical cannabis products.” — Canopy Growth President Mark Zekulin in a press release
Members of Highland’s management team will remain with Canopy Growth.
“We’re excited to join the Canopy Growth family and bring together our strong entrepreneurial experience and local knowledge in the region with Canopy Growth’s track record and quality standards in the global medical cannabis industry. Lesotho and Southern Africa have enormous potential and we look forward to building a responsible medical cannabis business across the region.” – Highlands Founder Jody Aufrichtig in a statement
Canopy now operates in North and South America, Europe, Oceania, and Africa. Last week, Canopy Growth began trading on the New York Stock Exchange under the “CGC” symbol.