Grasslands Site Now Licensed for Cannabis Sale - Will Add
Hemp Processing Capabilities
YORKTON, SK, Jan. 25, 2018 /CNW/ - Canopy Growth Corporation
("Canopy Growth" or the "Company") (TSX: WEED) is pleased to
announce that it has closed the previously announced acquisition of
assets and intellectual property from Green Hemp Industrie Ltd.
("Green") and has welcomed Green's Principal and Founder,
Jason Green to the Canopy Growth
family.
Canopy Growth will combine its own expertise in large-scale
cannabinoid extraction processes with Green's unique whole-plant
hemp harvesting knowledge and library of stable CBD-rich hemp
genetics to position the Company as a global leader in low-cost,
high yield CBD production.
By diversifying its operations to include hemp harvesting and
extraction, the Company will be investing in an innovative new
agricultural sector and creating jobs for Saskatchewanians. The
field operations alone are ready to scale from 600 acres in 2018 to
2,500 acres in 2019. To support this growth, custom built
extraction infrastructure will be installed at Canopy's Tweed
Grasslands facility.
As an innovative new sector, Canopy Growth's strategy has been
welcomed by the provincial government. Saskatchewan is a natural fit for field scale
hemp production. The provincial economy is positioned to benefit
from Canada's largest cannabis
company anchoring its hemp operations in Saskatchewan.
"Saskatchewan provides an
excellent platform for value-added innovation that enables
diversification, commercialization and market development," said
the Honourable Steven Bonk, Minister of Economy, Saskatchewan. "As one of Canada's leaders in commercial hemp
production, Saskatchewan is
well-positioned to attract investments from
businesses like Canopy and benefit from the job growth this brings.
We will continue to encourage responsible development of this
industry in our province."
The Tweed Grasslands facility last week passed a significant
licensing milestone by receiving its sales licence under the Access
to Cannabis for Medical Purposes Regulations (ACMPR). This is the
eighth ACMPR licence and seventh sales licence held by Canopy
Growth subsidiaries. Cannabis operations will continue at the
site alongside the addition of hemp processing capabilities.
Management believes that the logistical advantages of having its
hemp production and processing in the same province will improve
the efficiency of its CBD supply chain.
As a licensed ACMPR facility Grasslands is in a unique position
to perform cannabinoid extraction on hemp crops grown by third
party farmers. Canopy is open for hemp business in Saskatchewan.
"This strategy will fundamentally change the economics of
CBD-based products on the market today," said Mark Zekulin, President, Canopy Growth. "Whether
extracted oils formatted for medically-authorized customers or over
the counter offerings should regulations permit, look for Canopy to
continue its commitment to patients by providing a range of
high-quality products at competitive prices."
On closing, the Company issued 24,576 common shares. The Company
may issue up to another 24,576 common shares if certain production
related milestones are achieved.
Here's to Future (Hemp) 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 icons Snoop Dogg and Organa Brands,
breeding legends DNA Genetics and Green House seeds, and Fortune
500 alcohol leader Constellation Brands. Canopy Growth operates
seven cannabis production sites with over 665,000 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.
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future operational and production capacity, the impact of enhanced
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SOURCE Canopy Growth Corporation