New York State Facility to
Anchor New Hemp Industrial Park
SMITHS FALLS, ON, Jan. 14, 2019 /PRNewswire/ - Canopy Growth
Corporation ("Canopy Growth" or the "Company") (TSX:
WEED) (NYSE: CGC) has been granted a licence by New York State to process and produce hemp.
Thanks to the work of key state and federal government officials
from the State of New York, Canopy
Growth is proud to outline its commitment to invest in New York in order to establish a Hemp
Industrial Park. Governor Andrew M.
Cuomo's leadership at the state level led to the creation of
the Hemp Research Pilot Program, a standout in the nation. U.S.
Senator Charles E. Schumer was
instrumental in the passage of the Farm Bill, a transformative
piece of legislation that gave Canopy Growth the federal guidance
it needed to make a significant investment in New York.
Canopy Growth will establish within the Hemp Industrial Park
large-scale production capabilities focused on hemp extraction and
product manufacturing within the United
States.
"Canopy Growth was founded to drive innovation within the
cannabis and hemp industries. In New
York we see an opportunity to create products that improve
people's lives," said Bruce Linton,
Chairman and Co-CEO, Canopy Growth. "In the process, we will create
jobs in an exciting, highly profitable new industry. I applaud the
political leadership at the federal and state level that has
allowed today's announcement to become reality."
Depending on Board approval of a specific site, Canopy Growth
intends to invest between $100 million
USD and $150 million USD in
its New York operations, capable
of producing tons of hemp extract on an annual basis. The project
is another example of the strategic advantage Canopy Growth has
earned with the recently-closed $4 billion
USD strategic investment made by Constellation Brands, a
New York-based beverage alcohol
leader and Fortune 500 company.
"Canopy Growth's $100-$150 million investment in the
Southern Tier is a true win-win - for Canopy Growth, who will
be positioned at the forefront of Upstate New York's industrial
hemp revolution, and for the Southern Tier's economy and farmers,
which will receive a major shot in the arm in new good-paying
jobs. I fought so hard to strip the burdensome federal
regulations from industrial hemp in our Industrial Hemp Farming Act
of 2018, which was recently included in the Farm Bill, because I
knew how much it could mean to the Southern Tier, and this
investment proves it. I'm so pleased that
Canopy Growth is joining my efforts to make the Southern
Tier the Silicon Valley of industrial hemp production and research
and will keep pushing to see industrial hemp become a true cash
crop in the region," said Senator Schumer.
Based on its expertise in hemp-derived cannabinoid extraction
and processing, Canopy Growth has been granted a licence by
New York State to process hemp for
various applications. Canopy Growth is a large-scale extractor with
specific experience producing standardized medical products. Its
production processes have achieved GMP certification, the global
standard for pharmaceutical production, at its Canadian
headquarters in Smiths Falls,
Ontario.
The Company is in the process of evaluating a number of sites in
the Southern Tier of New York,
which will become one of its first extraction and processing
facilities outside Canada. The
Company intends to announce the specific location within 100 days.
Canopy Growth will be the anchor business in the broader Hemp
Industrial Park where third parties can join an innovative hemp
ecosystem focused on every potential application of the hemp crop,
from fiber, to seed, to cannabinoids. Canopy Growth's operations
alone will contribute to significant employment in the region, with
the objective of anchoring a broader hemp ecosystem, maximizing
long term economic benefits for the region and its communities.
Canopy Growth will source hemp exclusively from American farmers
for its American operations once up and running. The Company
believes that the Farm Bill has the power to create a thriving new
industry with American farmers as the backbone. Canopy Growth can
add value by focusing on its areas of expertise, including
extracting, processing and formulating cannabinoid-based consumer
products and medicines.
With the recent passage of the Farm Bill and support of the
State of New York, management is
confident in a path to market hemp-based cannabinoid products in
America.
Last week Canopy Growth publicly outlined its hemp advantage.
The Company has an unmatched combination of hemp-specific IP, cash
reserves, and technical expertise required to succeed in this
industry.
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. Canopy Growth offers the world's only
medically approved vaporizers through the Company's subsidiary,
Storz & Bickel GMbH & Co. KG. 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. The
Company has operations in 15 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 wholly owned subsidiary,
Canopy Health Innovations ("Canopy Health"), has devoted millions
of dollars toward cutting edge, commercializable research and IP
development. Canopy Growth works with the Beckley Foundation and
has launched Beckley Canopy Therapeutics to research and develop
clinically validated cannabis-based medicines, with a strong focus
on intellectual property protection. Canopy Growth acquired assets
of leading hemp research company, ebbu, Inc. ("ebbu"). Intellectual
Property ("IP") and R&D advancements achieved by ebbu's team
apply directly to Canopy Growth's hemp and THC-rich cannabis
genetic breeding program and its cannabis-infused beverage
capabilities. 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 on the Toronto
Stock Exchange and New York Stock Exchange to our continued
international expansion, pride in advancing shareholder value
through leadership is engrained in all we do at Canopy Growth.
Canopy Growth has established partnerships with leading sector
names including cannabis icon Snoop Dogg, breeding legends DNA
Genetics and Green House seeds, Battelle, the world's largest
nonprofit research and development organization, and Fortune 500
alcohol leader Constellation Brands, to name but a few. Canopy
Growth operates ten licensed cannabis production sites with over
4.3 million square feet of production capacity, including over
500,000 square feet of GMP certified production space. The Company
operates Tweed retail stores in Newfoundland and Manitoba and has entered into supply
agreements with every Canadian province and territory. For more
information visit www.canopygrowth.com.
Notice Regarding Forward Looking Statements
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 statements with
respect to future investments in the State of New York or the Company's ability to
identify appropriate sites within 100 days of publishing this news
release. 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 the Company's ability to satisfy provincial sales
contracts or provinces purchasing all cannabis allocated to them,
and such risks contained in the Company's annual information form
dated June 27, 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.
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SOURCE Canopy Growth Corporation