Seth Rogen’s houseplant says goodbye to canopy growth

By Nina Zdinjak

Seth Rogen and Evan Goldberg’s cannabis and lifestyle brand Houseplant and cannabis giant Canopy Growth Corp. (NYSE: CGC) will end their partnership.

The two companies, which formed a joint venture three years ago and established it in Canada, have mutually agreed to end their cooperation. Since the brand’s launch, the Canadian cannabis market has expanded significantly, so the parties have decided it is time for Houseplant to evolve itself while Canopy continues to work on its wholly owned brands.

Photo by Rich Fury / Staff / Getty Images

Over the years of close collaboration, Houseplant has grown into a popular consumer brand in Canada and is now among the top 10 in the premium cannabis market in Ontario.

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Its most successful products include beverages, with Houseplant grapefruit becoming the best-selling cannabis drink in Canada in its first year. More than a million cans of houseplant beverages were sold in Canada in 2020.

“The recent launch of Houseplant in the US has given us a clear measure of what Houseplant stands for and how we want to bring the brand to life around the world,” said Michael Mohr, Co-Founder and CEO of Houseplant. “While our collaboration with the Canopy team has been successful and we continue to have similar views about the opportunities ahead, we believe the time is right for us to focus independently on Houseplant.”

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Rade Kovacevic, President and Chief Product Officer at Canopy Growth, added that the company is pleased with its Houseplant partnership.

“We have delivered high quality and innovative products to Canadian consumers and have played a vital role in defining the premium cannabis category in Canada,” said Kovacevic. “Going forward, Canopy will continue to focus on our wholly owned brands for the Canadian market and we wish the Houseplant team all the best in their future endeavors.”

What’s next – relaunch in Canada

Some Houseplant branded cannabis products will be available across Canada until the end of September 2021. The company plans to reboot into the Canadian market with products similar to its US offerings.

“It all started in Canada – for us as people and for the brand,” says Houseplant co-founder Seth Rogen. “This is not an exit from the Canadian market, but an opportunity for us to develop the brand further.”

The collaboration between Houseplant and Canopy Growth has not reached the US, so the termination of the deal will not affect the company’s operations there. However, Houseplant launched a number of its products in the US this March.

This article originally appeared on Benzinga and was republished with permission.