Houseplant, Canopy Growth Part Ways

Seth Rogen’s cannabis company Houseplant and Canopy Growth Corporation (NASDAQ: CGC) have decided to end their relationship after three years. It won’t affect the company’s U.S. business and the product is expected to remain on some shelves through September 2021. The relationship between Houseplant and Canopy started in 2018, well ahead of Canadian legalization. The Canadian cannabis market has evolved substantially since those days, 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 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.”

During these three years, 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.  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.

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.” Houseplant plans to relaunch in the Canadian market in the future with products more consistent with its US offerings.

“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.”

 

 

 

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