Canadian giant Canopy Growth has announced plans to buy rival Supreme Cannabis in a $435m deal which will give it a 13.6% share of Canada’s recreational cannabis market and position it for further US expansion.

Among its portfolio, Supreme owns premium flower brand 7ACRES and wellness brand Blissco making Canopy the owner of four out of the top 10 cannabis brands in Canada when the deal goes through.

Canopy CEO David Klein said: “As we continue to expand our leading brand portfolio, we’re excited to reach more consumers through Supreme’s premium brands and high-quality products, further solidifying Canopy’s market leadership.”

“Supreme’s deep commitment to superior genetics, top-tier cultivation and strict quality control, paired with Canopy’s leading consumer insights, advanced R&D and innovation capabilities, is expected to create a powerful combination that aligns with our strategic focus to generate growth with premium quality products across key categories.”

President and CEO of Supreme Cannabis Beena Goldenberg added: “Combining Supreme Cannabis with Canopy – a Canadian market leader with exposure to the United States – presents a significant value creation opportunity for both companies. We look forward to working with Canopy to complete this transaction.”