SMITHS FALLS, ON, June 28, 2018 /CNW/ - Canopy Growth
Corporation (TSX: WEED) (NYSE:CGC) ("Canopy Growth" or the
"Company") is pleased to welcome the recently announced Cannabis
Regulations in support of the Cannabis Act, one of the final steps
in the progression towards a national system for the regulated
production, sale and consumption of quality-controlled cannabis in
Canada.
The regulations, upon an initial review, present an exhaustive
and sophisticated system for production and marketing, and are
in-line with the Company's expectations. They represent the
culmination of years of experience gained through the medical
cannabis system, and will serve Canadian patients, adult-use
consumers, producers and stakeholders well as the country
approaches the end of cannabis prohibition.
The Company welcomes the introduction of the micro-cultivator
and micro-processor licence categories, which will bring a diverse
set of participants to the cannabis market. While the Company will
explore outdoor cultivation, it cautions investors that Health
Canada's application of existing security requirements upon outdoor
cultivation will, based on the Company's experience, render
large-scale outdoor cultivation very difficult to establish. That,
along with the operational concerns in maintaining actual physical
security of such a facility, and challenges in ensuring quality
control and production quality, means the Company does not foresee
non-hemp Canadian outdoor production of cannabis as a medium-term
viable alternative to its current production platform.
"The regulations unveiled by Health Canada continues the
Canadian government's track record of having a responsible and
pragmatic approach to establishing a legal cannabis market,"
commented Mark Zekulin, President
& Co-CEO, Canopy Growth. "Creating these regulations is complex
work and what Health Canada has achieved, while not perfect, is a
testament to the professionalism of the public service and the bold
vision of the Government of Canada."
Through extensive consultations with communities and
stakeholders every step of the way including existing licensed
producers of all sizes, provincial and municipal governments and
Indigenous organizations, Health Canada has established a
world-class regulatory environment which other countries who are
looking to legalize cannabis can use as a model, placing producers
in good stead both in Canada and
globally.
Here's to Future Growth.
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 ten
cannabis production sites with over 2.4 million square feet of
production capacity, including over 500,000 square feet of
GMP-certified production space. The Company has operations in nine
countries across five 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
Forward Looking Statement
This news release contains
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Often, but not always,
forward-looking statements and information 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 or information involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Canopy Growth or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements or information contained in this news
release. Examples of such statements include: "the Company does not
foresee outdoor production of cannabis as a medium-term viable
alternative to its current production platform" Risks,
uncertainties and other factors involved with forward-looking
information could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information, including
regulatory rules governing various production practices,, and such
risks contained in the Company's annual information form dated
June 28, 2017 and filed with Canadian
securities regulators available on the Company's issuer profile on
SEDAR at www.sedar.com. Although the Company believes that the
assumptions and factors used in preparing the forward-looking
information or forward-looking statements in this news release are
reasonable, undue reliance should not be placed on such information
and no assurance can be given that such events will occur in the
disclosed time frames or at all. The forward-looking information
and forward-looking statements included in this news release are
made as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
information or forward-looking information to reflect new
information, subsequent events or otherwise unless required by
applicable securities laws.
SOURCE Canopy Growth Corporation