SMITHS FALLS, ON and
FREDERICTON, July 5, 2018 /CNW/ - Canopy Growth Corporation
(TSX: WEED), (NYSE: CGC) ("Canopy Growth" or the "Company") and the
Government of New Brunswick are
pleased to announce that with the support of Opportunities New
Brunswick, the Company will create 136 local jobs in the booming
cannabis sector over the next six-years.
The jobs come as part of a $40
million investment by Canopy Growth into the Company's
Fredericton-based production
facility that will ensure the supply needs of New Brunswickers and
Canadians are met when legalization comes into effect on
Oct. 17, 2018.
Operating under the Company's flagship Tweed brand, the facility
will support the Company's global operations with high quality,
large scale cannabis production capabilities to serve medical and
adult-use customers.
"New Brunswick has a
world-class cannabis ecosystem and a skilled workforce. It was an
easy decision for us to locate here," said Bruce Linton, Chairman and CEO. "New Brunswick has approached the cannabis
sector head-on as an opportunity to create economic benefit. We are
proud to call New Brunswick home
and look forward to building our team here as the facility is
completed and brought online."
To staff its new facility Canopy Growth will be seeking to fill
a diverse array of roles, including lab supervisors, technologists,
growers, post-harvest crews, quality assurance experts, as well as
maintenance crews, shipping and on-site retail staff.
To support the creation of these jobs, Canopy Growth is
eligible, subject to certain conditions, for an investment of up to
$1.3 million from Opportunities NB
(ONB), a Crown corporation that seeks to attract and support
opportunities to grow the economy and create jobs in the
province.
It is estimated by the ONB that creating up to 136 new jobs
would produce provincial income tax revenue of $6.5 million and contribute $61.2 million in direct GDP for the province over
a six-year period.
"Your government is committed to pursuing the significant
economic opportunities within the cannabis sector and to ensuring
the legalization of cannabis is introduced in a responsible way,"
said New Brunswick Premier
Brian Gallant. "When world leading
companies like Canopy Growth choose to invest in New Brunswick because of our skilled
workforce, it reinforces that our multi-year economic growth plan
is working."
ONB is projecting the creation of up to 3,000 new cannabis jobs
in the province by the end of 2022.
Staying true to its longstanding commitment to Corporate Social
Responsibility including partnerships with MADD Canada, the
Canadian AIDS Society, Parent Action on Drugs, the University of
British Columbia, and a commitment
to contribute funds from all online cannabis oil sales to
education, Canopy Growth partnered with the New Brunswick
Liquor Corporation (ANBL) to roll out a retail training program
intended to educate and prepare Cannabis NB retail staff.
Here's to Future (Maritime) 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, 2018 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