News

Canopy Growth completes MTL Cannabis purchase

Published on March 24, 2026 by Pat Bulmer

Photo: David Wylie/the oz.

Canopy Growth has completed its purchase of MTL Cannabis.

“With the transaction now complete, Canopy Growth has commenced integration of MTL’s cultivation and post-harvest operations into its supply chain,” the larger company announced in a news release.

The merger process began right away with some MTL executives moving into Canopy’s executive offices

“MTL co-founders Richard Clément and Michel Clément will serve as strategic advisors to the company,” the release said.

“MTL was built on disciplined operations and a relentless focus on quality. With Canopy Growth’s scale and reach, we can continue to bring high-quality product to more medical patients and adult-use consumers in Canada and internationally,” said Mike Perron, who was MTL’s CEO and is now Canopy’s COO.

The deal gives Ontario-based Canopy a large presence in Quebec and a stronger supply of bud, the company said.

“As a result of the arrangement, MTL Cannabis has become a wholly-owned subsidiary of Canopy Growth.”

MTL Shares have been de-listed from the Canadian Securities Exchange.

The new Canopy expects “synergies” (aka cuts) of about $10 million as it gets rid of duplications in the next 18 months, the news release boasted.

Canopy Growth issued approximately 41.2 million shares and made a cash payment of approximately $18.5 million to MTL’s selling shareholders.

In addition, three million shares were issued “to certain former shareholders of Montreal Cannabis Medical, Inc. (an MTL affiliate).”

“The combined company establishes Canada’s leading medical cannabis platform and strengthens Canopy Growth’s broader business through expanded premium flower supply, enhanced operating execution and ability to meet demand in regulated international medical markets, including Europe,” the news release proclaimed.