NIAGARA-ON-THE-LAKE, ON, Sept. 17, 2018 /CNW/ – Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NYSE: CGC) is pleased to announce that its Tweed Farms Inc. (“Tweed Farms”) site has received licence amendments approving all remaining greenhouse space, bringing the Company’s total licensed footprint to approximately 3.2 million sq. ft. The Company’s Canadian platform is now 57% licensed with the balance under aggressive development towards the previously announced 5.6 million sq. ft. target production footprint. This target excludes significant production capacity projects underway at Canopy Rivers’ partners and supply available to Canopy Growth through third-party agreements.
“We are a house of cannabis brands and that means we need production infrastructure that can grow a wide range of genetics at scale simultaneously,” said Mark Zekulin, co-CEO and President, Canopy Growth. “I’m proud of this most recent licence and credit our team as we continue our track record of expansion and execution.”
With licensed production sites in seven provinces, Canopy Growth has quickly established itself as a national producer. High efficiency hybrid greenhouses, including those at Tweed Farms represent approximately 80% of the Company’s production platform.
The Company continues to pursue a large and diversified production platform in order to build a sustainable source of supply of high quality cannabis products that can be used for medial and recreational markets. This licensing milestone is a meaningful increase to Canopy Growth’s capacity but more licensed capacity, currently in the regulatory licensing process, is needed in order to fill the available demand projected in the market.
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. 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 11 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 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 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, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten licensed cannabis production sites with over 3.2 million square feet of production capacity, including over 500,000 square feet of GMP certified production space.