Canopy USA Announces Appointment of Mr. M. Brooks Jorgensen as President

Rhea-AI Summary

Canopy USA has appointed M. Brooks Jorgensen as its first-ever President, effective January 6, 2025. Jorgensen brings over 25 years of leadership experience in cannabis, wine, and spirits industries. Most recently, he served as President of Kiva Sales and Service, developing it into the largest full-service cannabis products distributor in the U.S.

Following the completed acquisitions of Acreage, Wana, and Jetty, Canopy USA is positioned across key U.S. cannabis market segments including flower, edibles, vapes, and extracts, with retail presence through The Botanist locations in the Midwest and Northeast. The U.S. cannabis market is projected to reach $50 billion in sales by 2026.

Jorgensen's appointment follows a comprehensive search by the Canopy USA Board of Managers and the recent Acreage acquisition announced on December 9, 2024. In his role, he will oversee the continued integration of Canopy USA's operations as a unified platform.

Positive

• Strategic acquisitions of Acreage, Wana, and Jetty strengthen market position
• Established retail presence in high-potential Midwest and Northeast markets
• Appointment of experienced industry executive with proven track record in distribution and growth

Negative

• None.

A cannabis and beverage alcohol industry executive with more than 25 years of experience, Mr. Jorgensen will lead the unified Canopy USA organization forward with a focus on driving profitable growth across the U.S.

With the completed acquisitions of Acreage, Wana, and Jetty, Canopy USA now enters a new chapter of growth across key segments including flower, edibles, vapes, extracts, and through an established retail presence in high potential markets across the Midwest and Northeast

BOULDER, Colo., January 6, 2025 /PRNewswire/ - Canopy USA, LLC ("Canopy USA"), a brand-driven organization strategically positioned across the fastest growing states and highest potential segments of the U.S. cannabis market, is pleased to announce that effective today, January 6, 2025, Mr. M. Brooks Jorgensen ("Brooks") has been appointed as the Company's first-ever President.

With its powerhouse portfolio of brands including Wana, Jetty, and Acreage's Superflux, as well as The Botanist retail locations, Mr. Jorgensen's leadership of Canopy USA will help the Company channel its energy and expertise toward realizing the full potential of the U.S. cannabis market, which is projected to reach $50 billion in sales by 2026¹.

"With the completed integration of the Canopy USA platform, this unique portfolio of brands together with a growing retail presence in key states represents significant upside in the dynamic U.S. cannabis industry," said Luc Mongeau, member of the Board of managers, Canopy USA, and CEO, Canopy Growth. "Brooks is an accomplished executive in high growth industries and will help further unlock the full potential of Canopy USA, drive the organization to its next phase of growth, and solidify its standing as a leader in the market."

"I am thrilled to join Canopy USA as its first President, and to lead the organization and portfolio forward across the national adult-use cannabis and hemp derived geographies," said Brooks Jorgensen, President, Canopy USA. "Canopy USA is a unique platform with the right combination of ingredients to deliver success as a unified organization in what is considered to be a very challenging and complex industry, and I am confident the cannabis and hemp markets will support the Canopy USA vision and strategy."

Mr. Jorgensen joins Canopy USA with more than 25 years of leadership experience in high-growth industries, including cannabis, wine, and spirits. Most recently, Mr. Jorgensen served as President of Kiva Sales and Service, growing it to what is now the largest full-service distributor of cannabis products in the U.S. 

Prior to this, Mr. Jorgensen spent nearly 21 years in various roles, across several geographies with Southern Glazer's Wine and Spirits, ultimately serving as Vice President and General Manager of Fine Wine, for Southern Glazer's of Texas. While distributor sales is deeply embedded in his professional DNA, Mr. Jorgensen also spent meaningful time in regional management roles with Moet Hennessy USA. Throughout his professional career, Mr. Jorgensen has proven his ability to deliver strategic growth, increase profitability, and lead organizational transformations through the creation of high performing teams and the execution of innovative commercial strategies.

The appointment of Mr. Jorgensen follows a comprehensive search by the Canopy USA Board of Managers and the completed acquisition of Acreage, announced on December 9, 2024. As President, Mr. Jorgensen will oversee the continued integration and enhancement of Canopy USA's operations as a single, cohesive platform focused on maximizing growth across the U.S.

About Canopy USA:
Canopy USA, LLC ("Canopy USA") is a U.S. based holding company in which Canopy Growth (NASDAQ: CGC; TSX: WEED) holds a non-participating, non-controlling interest.

Strategically positioned across the fastest growing states and highest potential segments of the U.S. cannabis market, Canopy USA has acquired Wana Brands ("Wana") a leader in North American edibles, Acreage Holdings, Inc. ("Acreage"), a vertically integrated multi-state cannabis operator with principal operations in densely populated states across the Midwest and Northeast, and 77% of the shares of Lemurian, Inc. ("Jetty"), a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology.

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1 MJBiz market forecast of total US cannabis market by 2026, in USD currency.

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SOURCE Canopy USA

FAQ

When did Brooks Jorgensen become President of Canopy USA (CGC)?

Brooks Jorgensen was appointed as Canopy USA's first-ever President effective January 6, 2025.

What recent acquisitions has Canopy USA (CGC) completed?

Canopy USA has completed the acquisitions of Acreage, Wana, and Jetty, with the Acreage acquisition announced on December 9, 2024.

What is the projected size of the U.S. cannabis market that Canopy USA (CGC) is targeting?

The U.S. cannabis market is projected to reach $50 billion in sales by 2026.

What is Brooks Jorgensen's previous experience before joining Canopy USA (CGC)?

Jorgensen previously served as President of Kiva Sales and Service, and spent nearly 21 years with Southern Glazer's Wine and Spirits, ultimately as VP and GM of Fine Wine in Texas.

What market segments does Canopy USA (CGC) operate in after recent acquisitions?

Canopy USA operates across flower, edibles, vapes, and extracts segments, with retail presence through The Botanist locations in the Midwest and Northeast.