SMITHS FALLS, ON, Aug. 20, 2019 /CNW/ - Canopy Growth Corporation
(TSX: WEED), (NYSE: CGC) ("Canopy Growth" or the "Company") is
pleased to announce that it has received a licence from Health
Canada for its KeyLeaf Life Sciences ("KeyLeaf") facility in
Saskatoon, Saskatchewan. Including
the Smiths Falls site and the
recently licensed BC Tweed extraction site, Canopy Growth now
operates three significant extraction assets to support the
throughput required for large scale value-add product
development.
Canopy Growth recently retrofitted the now fully licensed
KeyLeaf facility in Saskatchewan,
a company with over 50 years of experience in the extraction
industry. This facility is expected to be online in the Fall of
2019 and has the capacity to extract up to 5,000 kilograms of hemp
or cannabis biomass per day. The application for the licence was
submitted under KeyLeaf's previous name, POS Management Corp. and
will be updated in due course. The newly-licensed extraction
platform is located in close proximity to Canopy Growth's
large-scale outdoor hemp and cannabis grow operations. The Company
looks forward to the additional capacity increasing production
efficiency, augmenting output volume, and ultimately reducing
operational costs for value-add products set to be rolled out in
the Canadian recreational and medical markets at the end of
calendar year 2019.
"With this milestone, we are executing against the vision of
making strategic investments today in order to deliver results over
the long term," said Mark Zekulin,
CEO, Canopy Growth. "This licence will ensure we have the supply of
extraction inputs for the medical, CBD, and recreational markets,
especially the next generation of value-add, high margin cannabis
products here in Canada."
The KeyLeaf facility, and broader extraction infrastructure that
has been recently licensed, will complement the Company's indoor,
greenhouse, and outdoor cannabis and hemp growing operations on the
one side, and its value-add beverages, vapes, softgels and edibles
infrastructure on the other side. The licensing of these facilities
brings the Company one major step closer to completing its Canadian
build-out, and also represents a blueprint model for international
expansion as global market demand dictates.
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth
(TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp
and cannabis device company, offering distinct brands and curated
cannabis varieties in dried, oil and Softgel capsule forms, as well
as medical devices through Canopy Growth'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. Canopy Growth has
operations in over a dozen countries across five continents.
Canopy Growth's medical division, Spectrum Therapeutics is
proudly dedicated to educating healthcare practitioners, conducting
robust clinical research, and furthering the public's understanding
of cannabis, and has devoted millions of dollars toward cutting
edge, commercializable research and IP development. Spectrum
Therapeutics sells a range of full-spectrum products using its
colour-coded classification Spectrum system as well as single
cannabinoid Dronabinol under the brand Bionorica Ethics.
Canopy Growth operates retail stores across Canada under its award-winning Tweed and Tokyo
Smoke banners. Tweed is a globally recognized cannabis brand which
has built a large and loyal following by focusing on quality
products and meaningful customer relationships.
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 icons Snoop Dogg and Seth
Rogen, breeding legends DNA Genetics and Green House Seeds,
and Fortune 500 alcohol leader Constellation Brands, to name but a
few. Canopy Growth operates eleven licensed cannabis production
sites with over 4.7 million square feet of production capacity,
including over one million square feet of GMP certified production
space. 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 the receipt of licences from Health Canada. 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 25, 2019 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