New $40M production facility
will increase Canopy Growth's cannabis output by more than 5,000kg
annually, create more than 130 jobs in Fredericton, NB
SMITHS FALLS, ON and
FREDERICTON, NB, March
25, 2019 /CNW/ - Canopy Growth Corporation (TSX: WEED),
(NYSE: CGC) ("Canopy Growth" or the "Company") is pleased to
announce that it has received a cultivation licence from Health
Canada for its facility in Fredericton, New Brunswick. With this
licensing, Canopy Growth predicts the facility will initially
produce more than 5,000kg of cannabis annually, with first harvests
expected to become available to the market within six months.
Developed in collaboration with Canopy Rivers Inc. (TSXV: RIV)
and operating under Canopy Growth's flagship Tweed brand,
the facility will support the Company's global and local operations
with high quality, large-scale cannabis production capabilities
that will serve the needs of recreational and medical customers. To
meet that demand, Canopy Growth expects to create more than 130
jobs at the Fredericton
plant.
"New Brunswick has emerged as a
leader in the legal cannabis sector and the province is an
excellent place to do business," said Bruce
Linton, co-CEO and Chairman, Canopy Growth. "We will
leverage our existing operational expertise to ensure we support
the needs of our customers while making a meaningful contribution
to the local economy primarily through new job creation."
Canopy Growth expects to fill a wide variety of jobs at the
facility, including lab supervisors, technologists, growers,
post-harvest crews, quality assurance experts, as well as shipping
and maintenance crews. Their combined efforts will position the
facility as one of Atlantic
Canada's leading growth operations, capable of supplying the
market with a steady, reliable and high-quality stream of
commercial cannabis products. With distribution and strong
partnerships across each of Atlantic
Canada's provinces, this facility further strengthens the
Company's commitment to the region.
In the coming weeks, Canopy Growth looks forward to sharing
details regarding local job fairs to fill these positions.
Interested applicants are encouraged to monitor
canopygrowth.com/careers and the Company's Twitter feed
@CanopyGrowth for more information.
Here's to Future (Maritime) 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. 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 statements with
respect to future product format offerings. 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 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