SMITHS FALLS, ON, Feb. 21, 2018 /CNW/ - Canopy Growth Corporation
("Canopy Growth" or the "Company") (TSX:WEED) is pleased to
announce the signing of a definitive supply agreement with Sunniva
Inc. ("Sunniva") (CSE:SNN) (OTCQX:SNNVF). Through the terms of
this two-year agreement, Canopy Growth will purchase up to 90,000
kilograms of dried cannabis from Sunniva's wholly-owned Canadian
subsidiary, Sunniva Medical Inc., a late-stage Access to
Cannabis for Medical Purposes Regulations ("ACMPR")
applicant, and sister company of Natural Health Services, the
sector's largest non-Licensed Producer medical patient network with
tens of thousands of active registrations in the ACMPR.
The agreement will see Sunniva grow Canopy's existing line-up of
award winning genetics as well as its own branded products, both
for sale through Canopy Growth's extensive distribution network,
including Tweedmainstreet.com, the planned Tweed retail store
network across the country, and through provinces in which Canopy
has already established historic supply agreements. The deal
secures a diverse supply of curated cannabis products for Canopy
Growth and a reliable sales channel and stream of revenue for
Sunniva, with appropriate risk sharing formulas in place for both
parties.
"We welcome Sunniva to the Canopy Growth family and look forward
to collaborating with their team to provide a steady and
high-quality source of cannabis products for consumers," said
Mark Zekulin, President, Canopy
Growth. "Through provincial distribution channels, brick and mortar
locations, and our online Tweed Main Street e-commerce platform we
are diversifying our ability to deliver a one-stop shopping
experience to consumers and provincial bodies alike. With partners
like Sunniva, we are well positioned to capture market share
through robust supply channels."
Sunniva is developing a 700,000 sq. ft. GMP-certified greenhouse
facility in British Columbia which
will act as the primary production facility to meet their supply
goals. The facility will produce cannabis products to supply the
current medical market and the upcoming legalized recreational
market in Canada.
"This agreement with Canopy Growth represents a significant
milestone for us," said Leith
Pedersen, President, Sunniva
Inc. "Providing a supply of high-quality cannabis products
through Canopy Growth's unparalleled retail and distribution
channels, allows us to accelerate the execution of our business
plan and distribution strategy. We plan to focus on building a
sustainable and profitable business as we develop the Sunniva brand
and by entering into strategic partnerships with the global
industry leader Canopy Growth, we are doing just that."
Here's to Future CraftGrowth.
About Sunniva Inc.
Sunniva, through its
subsidiaries, is a vertically integrated medical cannabis company
operating in the world's two largest cannabis markets –
Canada and California – where we are committed to
delivering safe, high-quality products and services at scale. Our
business vision is to become the lowest cost, highest quality
cannabis producer in the markets we serve. We will accomplish this
by building large scale purpose-built cGMP greenhouses, offering
better quality assurance with cannabis products free from
pesticides, providing better patient and doctor access to cannabis
education, and sourcing better therapeutic delivery devices.
About Sunniva Medical Inc.
SMI is a late stage ACMPR
applicant in final review and is building the Sunniva Canada
Campus, 700,000 square feet of purpose-built cGMP complaint
greenhouse facilities to be located in British Columbia. The total Campus is expected
to produce over 100,000 kg of premium medical cannabis a year and
over 25,000 kg of trim used for extraction. The facility will
produce pesticide free products and will convert trim to extracted
products such as cannabis oil. The oil will be used for drug
delivery formats such as capsules, dissolvable strips, vaporization
cartridges, tinctures and creams. Sunniva anticipates to break
ground in early 2018.
About Canopy Growth Corporation
Canopy Growth is a
world-leading diversified cannabis and hemp company, offering
distinct brands and curated cannabis varieties in dried, oil and
Softgel capsule forms. From product and process innovation to
market execution, Canopy Growth is driven by a passion for
leadership and a commitment to building a world-class cannabis
company one product, site and country at a time.
Canopy Growth has established partnerships with leading sector
names including cannabis icon Snoop Dogg, breeding legends DNA
Genetics and Green House seeds, and Fortune 500 alcohol leader
Constellation Brands, to name but a few. Canopy Growth
operates seven cannabis production sites with over 1 million square
feet of production capacity, including over 500,000 square feet of
GMP-certified production space. The Company has operations in seven
countries across four continents. The Company is proudly dedicated
to educating healthcare practitioners, conducting robust clinical
research, and furthering the public's understanding of cannabis,
and through its partly owned subsidiary, Canopy Health Innovations,
has devoted millions of dollars toward cutting edge,
commercializable research and IP development. Through partly owned
subsidiary Canopy Rivers Corporation, the Company is providing
resources and investment to new market entrants and building a
portfolio of stable investments in the sector. From our historic
public listing to our continued international expansion, pride in
advancing shareholder value through leadership is engrained in all
we do at Canopy Growth. For more information
visit www.canopygrowth.com
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certain actions, events or results "may", "could", "would", "might"
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achievements of Canopy Growth Corporation, its subsidiaries, or its
affiliates 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
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obligation to publicly update such forward-looking statements to
reflect new information, subsequent events or otherwise unless
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SOURCE Canopy Growth Corporation