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Houseplant and Canopy Growth to Conclude Their Strategic Relationship in Canada

Jul 28, 2021 • 7:07 AM EDT
2 MIN READ  •  By Michael Berger
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After three years of a successful joint venture, Houseplant and Canopy Growth Corporation have mutually agreed to end their relationship. The Canadian cannabis market has evolved substantially during this period, and the parties believe the time is right for the Houseplant brand to develop independently while Canopy advances its focus on wholly-owned brands for the Canadian market.

The relationship between Houseplant and Canopy started in 2018, well ahead of Canadian legalization. Since that time, Houseplant and Canopy worked together to pave the way in defining a premium cannabis experience in a new market.

During the course of their relationship, Houseplant has become a popular consumer brand in Canada and is currently a top 10 brand in the premium cannabis market in Ontario . Beverages are a highlight of the brand’s success, with Houseplant Grapefruit notably attaining the top-selling cannabis beverage spot in Canada(measured by units sold) in its launch year. More than one million cans of Houseplant beverages were sold in Canada within the last year.

“The recent launch of Houseplant in the United States has given us a clear benchmark for what Houseplant stands for, and how we plan to bring the brand to life globally,” says Michael Mohr , Co-Founder and CEO, Houseplant. “While our collaboration with the Canopy team has been fruitful and we continue to hold similar views on the opportunities ahead, we believe the time is right for us to focus on Houseplant independently.”

“We’re proud of our collaboration with Houseplant. Together, we’ve delivered high quality and innovative products to Canadian consumers and played a critical role in defining the premium cannabis category in Canada ,” said Rade Kovacevic, President and Chief Product Officer, Canopy Growth. “As we move forward, Canopy will advance our focus on our wholly-owned brands for the Canadian market and we wish the Houseplant team the best in their future endeavors.”

In Canada , some Houseplant cannabis products will continue to be available to retailers through the end of September 2021 . Houseplant plans to relaunch in the Canadian market in the future with products more consistent with its US offerings.

Canada is where it all started – for us as people, and for the brand,” says Houseplant Co-Founder Seth Rogen . “This is not an exit from the Canadian market, but a chance for us to evolve the brand.”

The relationship between Houseplant and Canopy did not extend into the US and, as a result, today’s announcement will have no impact on the business in that market. Houseplant launched a line of premium homewares and cannabis products in the United States in March 2021 and has quickly become a cultural and industry leader.

SOURCE Houseplant

 

Cision View original content: http://www.newswire.ca/en/releases/archive/July2021/28/c5316.html

 

Source: Canada Newswire (July 28, 2021 – 7:00 AM EDT)

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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