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Canopy Growth has announced plans to acquire Quebec-based MTL Cannabis in a deal the company says will strengthen its position in Canada’s medical marijuana market and support growing international demand. The announcement was made in a company press release.

The transaction values MTL Cannabis at roughly $125 million CAD, with Canopy paying a mix of cash and stock. Under the agreement, MTL shareholders will receive a portion of Canopy shares plus a small cash payment for each share they own. The deal also includes taking on and settling MTL’s existing debt.

MTL Cannabis is known for its craft-style cultivation approach and has built a strong reputation with consumers and retailers, particularly in Quebec. Per the release, Canopy plans to combine MTL’s cultivation expertise and brand strength with its own national and international distribution network, especially in the medical cannabis segment.

Canopy expects the acquisition to help lower costs and improve efficiency over time, estimating about $10 million CAD in annual savings once the businesses are fully integrated. The company also believes the combined operation will be better positioned to supply international medical cannabis markets, where demand continues to grow.

For MTL Cannabis, the deal offers financial stability and access to Canopy’s larger platform, while allowing its brands and cultivation operations to continue under Canopy’s umbrella.

“MTL brings skilled operators, strong brands, and a profitable business that will strengthen our leadership in Canada’s medical market and deepens our presence in key Canadian adult-use markets, including Québec. Their cultivation expertise, combined with our national scale, positions us to improve product quality, expand supply, and accelerate our path to profitable growth. Together, we’re building a stronger, more competitive Canadian business for the long term.” — Luc Mongeau, Canopy Growth CEO

The acquisition still requires approval from shareholders, regulators, and the courts, and is expected to close in early 2026 if all conditions are met. According to the announcement, the deal is part of Canopy’s broader strategy to focus on profitable segments of the cannabis industry, particularly medical marijuana and global markets.