Canopy Growth increases licensed platform - 4.3 million square feet now licensed across Canada
Published: Oct 09, 2018
(NYSE: CGC) (TSX: WEED)
SMITHS FALLS, ON, Oct. 9, 2018 /CNW/ -- Licence amendments for Canopy Growth Corporation's ("Canopy Growth" or the "Company") wholly-owned subsidiary, BC Tweed Joint Venture Inc. (BC Tweed) and its majority-owned joint venture, Les Serres Vert Cannabis Inc. (Vert Cannabis) have been issued by Health Canada, collectively representing approximately 1.1 million sq. ft. of new greenhouse growing space on Canada's largest cannabis platform.
The Company has, through its subsidiaries, established a 5.6 million sq. ft. platform, which is now over 75% licensed. This infrastructure will increase the quantity and diversity of products available to retail and wholesale customers in the recreational market and fortify the supply of cannabis products available to its medical customers.
"Our regulatory team and the teams in Delta and Mirabel have worked hard to bring these large-scale greenhouses online. Credit is due to these teams and the entire organization as we continue the push forward into a transformative year for our business," said Mark Zekulin, President and co-CEO, Canopy Growth.
These licence amendments are a major step forward but more capacity is required before the entire Canopy Growth platform is operational.
Here's to Future Growth (all across the country).
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 4.3 million square feet of production capacity, including over 500,000 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 future sales and supply capabilities. 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
Company Codes: NYSE:CGC, Toronto:WEED