SMITHS FALLS, ON, Nov. 24, 2017 /CNW/ - Canopy Growth Corporation
(TSX: WEED) ("Canopy Growth" or the "Company") is pleased to
announce that its affiliate Canopy Rivers Corporation ("Canopy
Rivers") is making a special allocation of capital towards
investing in and supporting micro growers and processors, as
proposed under the Government of Canada's consultation paper on the new
cannabis regulatory framework. The Company is excited to see a new
"micro-grower" class being proposed by the federal government and
wishes to offer its support to small growers by announcing a
commitment of $1 million to seed
small, local growers throughout the country.
Like the Company's CraftGrow program that gives existing
Licensed Producers access to marketing, distribution, and other
tailored support, these funds are meant to invest in micro-growers
on business terms that meet the needs of small-scale growers, while
proving to be a strong investment for Canopy Rivers. Where
possible, the Company will aim to identify small growers who have
been underrepresented in the industry to-date, with the hope of
creating a more inclusive and diverse cannabis industry.
"Canadian entrepreneurs have built world-class cannabis growing
facilities under the ACMPR system," said Mark Zekulin, President, Canopy Growth
Corporation. "Supporting new and smaller growers will create a more
diverse market that meets the needs of all consumers. As a natural
progression of our current CraftGrow program, we have an
opportunity to build upon our growing roster of budding partners.
Canopy Growth grew to be the leader in this sector by working
collaboratively and seeking to bring the entire sector to new
heights, and this has been a successful formula for our Company and
our partners."
Canopy Rivers will be creating a special advisory committee to
oversee the application process for micro-growers and processors,
which will make appropriate and guided decisions on the most
suitable recipients for the funds. More information will follow as
the federal rules governing this new class of grower become
clear.
Following the recent announcement that the new management of
Larssen Ltd. ("Larssen") intends to disrupt Larssen's existing
projects with Canadian cannabis companies that are deemed to not be
in the singular best interest of the new management, Canopy Growth
wishes to confirm that it has no current or intended work with
Larssen. With approximately 2.3 million square feet of
greenhouse currently under operation or expansion, Canopy will
offer assistance to any of the impacted cannabis companies so that
the sector can continue to grow to meet the needs of Canadians at
this critical juncture in the path towards the end of
prohibition.
Here's to Future Growth of All Sizes.
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
700,000 square feet of licensed production, over 500,000 square
feet of which is GMP-certified. Looking forward to 2018, Canopy
Growth and its affiliates are developing a production platform that
will represent millions of sq. ft. of indoor and greenhouse
production capacity, all operated with world-leading production,
quality assurance procedures, value-add post processing, research,
and testing. Canopy Growth has established partnerships with
leading sector names in Canada and abroad, with interests
and operations spanning seven countries and 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.
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SOURCE Canopy Growth Corporation