ST. JOHN'S & SMITHS FALLS, ON, Dec.
8, 2017 /CNW/ - Canopy Growth Corporation ("Canopy Growth"
or the "Company") along with representatives from the Province of
Newfoundland and Labrador today are pleased to announce that
the Company has entered into a supply and production agreement, the
largest provincial cannabis supply agreement announced to date,
securing a regulated supply of cannabis for Newfoundlanders and
Labradorians heading into the legal adult access market.
Canopy Growth will supply 8,000 kg of high quality cannabis
products annually for the first two years of the deal. Under the
terms of the agreement, Canopy Growth will establish a new
production facility in Newfoundland and Labrador capable of producing 12,000 kg per
year, bringing 145 jobs in an emerging sector and major capital
investment to the region. Site locations are being evaluated to
house what could be the first licensed production facility in the
province.
"This agreement today with an internationally recognized
producer not only guarantees a safe supply of cannabis for
Newfoundland and Labrador before the federally imposed
July 2018 implementation date, but
also results in the creation of 145 new jobs in our province," said
the Honourable Christopher Mitchelmore, Minister of Tourism,
Culture, Industry and Innovation, Newfoundland and Labrador. "We will also use this as a
framework for other agreements related to cannabis supply and
production. Our vision is for an industry which leads to
production, job creation, supply chain development and research and
development in this province."
"Canopy's operations will soon stretch from Coast to Coast, with
locations now planned in seven provinces including Newfoundland and Labrador," said Bruce
Linton, Chairman & CEO, Canopy Growth. "Wherever we
operate we look for ways to integrate ourselves into the local
community to make sure we are giving back to the communities we
call home."
Canopy's wholly-owned subsidiary, Tweed Inc. ("Tweed") will also
be eligible to apply to operate four new retail locations in the
province. This would be a major milestone for Tweed, a leading
brand in today's cannabis industry. These four licences would
represent the first announced privately owned and operated legal
cannabis retail locations in the country. Site scouting is
underway, with two locations possible on the Avalon Peninsula, one
west of the Avalon Peninsula, and another at the future production
site. Canopy Growth and Tweed are also seeking retail locations at
their production facilities in other provinces, a common practice
for breweries and wineries across Canada.
Mr. Linton continued, "The Newfoundland and Labrador retail framework will allow us to
take our existing e-commerce business and well-recognized house of
brands including Tweed, DNA Genetics, Leafs By Snoop, and our
CraftGrow program, and present that pride and dedication in a
"brick and mortar" retail environment. I want to congratulate the
Government of Newfoundland and
Labrador for choosing a retail
model that encourages local growth and a made-at-home experience,
while balancing private and public involvement."
Tweed has a long track record of responsible cannabis sales as a
medical producer and has partnered with organizations like MADD
Canada and Parent Action on Drugs to ensure Canada exits prohibition in a responsible way.
The Company looks forward to establishing welcoming and warm retail
spaces that prioritize top-notch customer service and product
education, supported by Canada's
largest cannabis production platform and a wide number of CraftGrow
partnerships to bring cannabis of all forms and sizes to the people
of Newfoundland &
Labrador.
Here's to Future Growth (on the Rock).
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 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. For more information visit
www.canopygrowth.com
Notice Regarding Forward Looking Statements
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release contains forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
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certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
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
release and Canopy Growth Corporation does not undertake an
obligation to publicly update such forward-looking statements to
reflect new information, subsequent events or otherwise unless
required by applicable securities legislation.
SOURCE Canopy Growth Corporation