SMITHS FALLS, ON and
VICTORIA, BC, March 20, 2019 /CNW/ - Canopy Growth
Corporation (TSX: WEED) (NYSE: CGC) ("Canopy Growth" or the
"Company") and HollyWeed Manufacturing & Extracts Inc. are
pleased to announce today they have entered into a multi-year
processing and extraction agreement. HollyWeed North Cannabis Inc.,
the parent company of HollyWeed Manufacturing & Extracts Inc.,
is a female-led, LGBTQ2-positive company based in British Columbia that operates several
subsidiaries specializing in the growth, manufacturing, licensing,
and production of cannabis and other pharmaceutical grade
products.
Under the terms of the two-year agreement, HollyWeed
Manufacturing & Extracts Inc. will process dried cannabis
provided by Canopy Growth, in their advanced manufacturing facility
in Victoria and will return the
high-quality oil and resin back to the Company. The increased
supply of this contracted extraction throughput adds to the
Company's in-house capacity and supports Canopy Growth with
additional throughput as it brings a suite of new products to the
market later this calendar year. The extraction services provided
by HollyWeed will build on the Company's own in-house manufacturing
and production based in Smiths Falls,
Ontario and will extend Canopy Growth's production
commitment in British Columbia,
where it currently has more than three million square feet of fully
operational grow space located in Delta and Aldergrove.
"This is an opportunity for Canopy Growth to build a strong
partnership with another high-quality Canadian company. The
cannabis resin we get from HollyWeed will be used for our current
offering of oils and softgels, as well as our future advanced
manufacturing products," said Bruce
Linton, Chairman and co-CEO of Canopy Growth. "Ensuring we
continue to offer the highest quality cannabis oil and resin will
be essential for our entry into the edibles market and supports our
overall goal of making a wide variety of high-quality products
available to our customers."
"We are very excited to provide extraction services to Canopy
Growth, a global leader in cannabis production," remarked Renée
Gagnon, CEO of HollyWeed North Cannabis Inc. "We are incredibly
proud that the quality of our proprietary extraction process caught
the eye of an industry leader like Canopy Growth and will amplify
their own world-leading extraction abilities. This is definitely a
new and exciting chapter for HollyWeed."
HollyWeed and Canopy Growth expect the first shipment of product
for extraction will occur in fall 2019 and anticipate being able to
leverage the resin shortly thereafter.
Here's to Future (West Coast) Growth.
About HollyWeed North Cannabis Inc. 87
HollyWeed North
is a private Canadian company incorporated in British Columbia, established in 2016, with
operating subsidiaries specializing in the growth, manufacturing,
licensing and production of cannabis and other pharma grade
products. HollyWeed North's subsidiaries include HollyWeed
Manufacturing and Extracts Inc., a Standard Processing licensed
company incorporated in British
Columbia specializing in cannabis extraction and product
manufacturing; HollyWeed Grow Inc., a late stage federal ACMPR
applicant, also a private company incorporated in British Columbia specializing in the growth of
medical cannabis and cannabis products; HollyWeed Retail Inc., a
retail strategies provider and supply chain management company
incorporated in British Columbia;
HollyWeed Bakery Inc., a developer and manufacturer of unique
cannabis baked goods and edibles incorporated in British Columbia; and TerraCube International
Inc., a manufacturer and developer of proprietary scalable,
sanitary grow facilities incorporated in British Columbia. HollyWeed North is currently
restructuring its capital such that, upon execution of the
Definitive Agreement, all the subsidiaries will be wholly-owned by
HollyWeed North.
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. Canopy Growth offers medically approved
vaporizers through the Company'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. The Company has operations in
over a dozen 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 wholly
owned subsidiary, Canopy Health Innovations ("Canopy Health"), has
devoted millions of dollars toward cutting edge, commercializable
research and IP development. Canopy Growth works with the Beckley
Foundation and has launched Beckley Canopy Therapeutics to research
and develop clinically validated cannabis-based medicines, with a
strong focus on intellectual property protection. Canopy Growth
acquired assets of leading hemp research company, ebbu, Inc.
("ebbu"). Intellectual Property ("IP") and R&D advancements
achieved by ebbu's team apply directly to Canopy Growth's hemp and
THC-rich cannabis genetic breeding program and its cannabis-infused
beverage capabilities. 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, Battelle, the world's largest nonprofit research and
development organization, 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. The Company operates Tweed retail
stores in Newfoundland and
Manitoba and has entered into
supply agreements with every Canadian province and territory. 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 "HollyWeed and Canopy
Growth expect the first shipment of product for extraction will
occur in fall 2019 and anticipate being able to leverage the resin
shortly thereafter". 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 future products, and such risks contained in
the Company's annual information form dated June 27, 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.
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SOURCE Canopy Growth Corporation