SMITHS FALLS, ON
and FREDERICTON, Sept. 15, 2017
/CNW/ - Canopy Growth Corporation (TSX: WEED) ("Canopy Growth"
or the "Company") and the Province of New
Brunswick today announced a significant milestone in the
history of Canadian cannabis, whereby the Government of
New Brunswick, through a newly
created provincial authority and Canopy Growth, the largest
licensed producer of regulated cannabis in the world, have entered
into a supply Memorandum of Understanding (MOU) to guarantee a
reliable and high-quality supply of cannabis products into
New Brunswick's retail stores that
will flow from a crown corporation newly formed by the province of
New Brunswick.
As one of the first MOUs between a licensed cannabis producer
and a provincial body for cannabis supply for the retail
environment, this is a concrete step towards the federally targeted
date of July 2018 for legalization of
recreational-use cannabis. Canopy Growth is excited, along
with fellow producer Organigram, to be a part of this landmark
moment, and commends the leadership shown by the Province of
New Brunswick as it moves
proactively to ensure its supply needs are met for the anticipated
adult-use cannabis market.
The two-year supply agreement, including 4,000,000 grams of
cannabis and cannabis derivative products for the first year, is
expected to have an estimated retail value of $40 million in its first year.
"New Brunswick has led the
country in its efforts to attract cannabis jobs and investment and
Canopy Growth is proud to be utilizing local trades and to hire in
New Brunswick for the site we are
establishing in Fredericton," said
Mark Zekulin, President, Canopy
Growth. "Today we take the next step towards the future of cannabis
in New Brunswick with a truly
historic MOU. We are excited to bring high quality brands like
Tweed, Leafs By Snoop, DNA Genetics, as well as a number of the
best independent craft grow cannabis producers across Canada to the people of New Brunswick through this arrangement."
Based on production capabilities across the Canopy-wide
production platform, this agreement will not affect medical sales
or our commitment to meeting the needs of Canadians who require
cannabis for medical purposes.
Staying true to its longstanding commitment to Corporate Social
Responsibility, including partnerships with MADD Canada, the
Canadian AIDS Society, Parent Action on Drugs, and a commitment to
contribute funds from all online cannabis oil sales to education,
Canopy Growth will proudly remit a monetary amount equal
to two per cent of the gross value of all cannabis products sold to
the government annually for social and/or educational programs.
Here's to (Firsts, and) Future Growth.
About Tweed
Tweed is a globally recognized marijuana production brand. It has
built a large and loyal following by focusing on quality products
and meaningful customer relationships. Tweed doesn't just sell
marijuana, it facilitates a conversation about a product we've all
heard about but haven't met intimately yet. It is approachable and
friendly, yet reliable and trusted. As marijuana laws liberalize
around the world, Tweed will expand its leading Canadian position
around the globe. Learn more at www.tweed.com.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company,
offering distinct brands and curated cannabis varieties in dried,
oil and capsule forms. Through its wholly‑owned subsidiaries,
Canopy Growth operates numerous state-of-the-art production
facilities with over half a million square feet of GMP-certified
indoor and greenhouse production capacity, all to an unparalleled
level of quality assurance procedures and testing. Canopy
Growth has established partnerships with leading sector names
in Canada and abroad, with interests and operations
spanning four continents. The Company is proudly dedicated to
educating healthcare practitioners, providing consistent access to
high quality cannabis products, conducting robust clinical
research, and furthering the public's understanding of cannabis.
For more information visit www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Canopy Growth Corporation, Tweed
Inc., Tweed Farms Inc., Mettrum Health Corp., or Bedrocan Canada
Inc. to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Examples of such statements include
future operational and production capacity, the impact of enhanced
infrastructure and production capabilities, and forecasted
available product selection. The forward-looking statements
included in this news release are made as of the date of this news
release and Canopy Growth Corp. does not undertake an obligation to
publicly update such forward-looking statements to reflect new
information, subsequent events or otherwise unless required by
applicable securities legislation.
Neither the TSX Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation