SMITHS FALLS, ON, Sept. 27, 2018 /CNW/ - Canopy Growth Corporation
(Canopy Growth) (TSX: WEED) (NYSE: CGC) today responded to
Ontario's retail rollout plan. The
Company is looking forward to serving customers at retail locations
at the site of its production facilities and especially looks
forward to initiating the process of obtaining the necessary retail
licences required to operate cannabis retail at its Smiths Falls headquarters where a merchandise
store is already in place at a Tweed-branded visitor centre.
The Company looks forward to pursuing additional retail
capabilities, taking advantage of the diversified arms of its
business, including the newly acquired Tokyo Smoke platform, its
multiple licensed production sites, and additional opportunities
available through its affiliated investment arm, Canopy Rivers Inc.
(TSXV: RIV). The Company believes that third party private retail
represents a meaningful business opportunity compared to a
provincially run retail system, and Canopy Growth's family of
brands will feature prominently under any retail framework.
"The future of the Ontario
cannabis market is bright," said Mark
Zekulin, co-CEO and President, Canopy Growth. "As a cannabis
business with multiple licenses and a variety of diverse
subsidiaries, we feel we have a distinct advantage at this stage in
the game. The Tweed and Tokyo Smoke retail experiences will offer
unique and distinct experiences to appeal to anyone interested in
cannabis. And we might even change a few minds."
Nationally, Canopy Growth will operate private retail in every
province where it is permitted and will supply product to every
province and territory with announced supply programs.
In depth licensing details will be made available through new
provincial legislation. Once tabled, additional commentary will be
possible.
In British Columbia, a one-time
transfer of product has occurred, bringing product to Smiths Falls for processing. That product is
proceeding through extraction and post-production for dried flower
products at the Smiths Falls
campus. Production licenses are in place at both sites, with
more capacity possible once they are fully operational. Processing
licences were delayed by infrastructure and regulatory approvals,
which led to a number of plants needing to be destroyed. Management
does not consider this event to represent a material impact on the
company's balance sheet and fully anticipates being able to meet
provincial supply agreements during the first year of recreational
legalization.
Finally, the Company can confirm that it has completed a number
of shipments to provinces in anticipation of the upcoming
recreational cannabis regime. These shipments, the first of many,
have been undertaken to stress-test the systems on both sides of
the equation, and reflect a historic moment for the Company.
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company,
offering distinct brands and curated cannabis varieties across the
globe. Canopy Growth operates over a dozen licensed cannabis
production sites globally with over 3.2 million square feet of
production capacity, including over 500,000 square feet of GMP
certified production space. 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. With operations
spanning 11 countries across five continents, the Company is
proudly dedicated to educating healthcare practitioners, advancing
the public discourse surrounding cannabis, and conducting robust
clinical research in cannabinoid-based animal and human medicines.
The Company has also 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. Built on a proud history
of firsts, pride in advancing shareholder value through leadership
is engrained in all we do at Canopy Growth.
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 the timing and completion of the proposed transaction,
applicable government and regulatory approvals of the proposed
transaction, anticipated use of proceeds, exercise by Constellation
Brands Inc. of any warrants, benefits from the proposed transaction
and the composition of Canopy Growth's board of directors. 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 opening of stores; planning of unveiling events; product
availability; and such risks contained in the Company's Management
Information Circular dated August 22,
2018 and 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