Company Provides Update on Smiths Falls Campus
SMITHS FALLS, ON, June 24, 2019 /CNW Telbec/ - Canopy Growth
Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NYSE:
CGC) is pleased to announce that it has received a new licence from
Health Canada permitting it to grow cannabis at an outdoor site in
northern Saskatchewan. Hours after
receiving the licence, the first cannabis cuttings were planted at
a 7 million sq. ft. (160 acres) secure cultivation field in
the province, one that is patrolled by drones (kidding – no drones,
promise.) The new licence expands Canopy Growth's diversified
Canadian footprint and complements its existing indoor and
greenhouse facilities to provide a leading balance of facilities to
produce low cost input materials for value-add products, while
ensuring more sophisticated growing operations for in-demand flower
products.
"Our team has outdoor, at-scale cannabis expertise
gained from over a decade of hemp
farming experience, including Canopy's 4,000-acre hemp
operation executed last year, the extract of which is bolstering
our CBD supply for the medical and recreational markets," said
Mark Zekulin, President and co-CEO, Canopy Growth. "At
this stage in the summer planting season we view this as a pilot
and ramp up project for outdoor cannabis cultivation, though the
team will do everything it can to deliver low cost yields this
year."
The outdoor cannabis grow operation in Saskatchewan is in addition to Canopy Growth's
major hemp production platform, which scaled up from the 4,000
acres mentioned above to over 5,000 acres in 2019. The
successes of the Company's hemp operations will inform its outdoor
cannabis strategy, as it seeks to optimize the methods used to
cultivate current and future crops at the outdoor site. Once the
entire outdoor cannabis cultivation, production and extraction
system is fully licenced and incorporated into Canopy Growth's
current operational platform, it will produce cannabinoids at scale
to support value-add products like beverages, chocolates, and vape
devices at higher margins than are achievable using inputs from
indoor and greenhouse facilities, which are optimized to produce
high quality flower products.
What Else is New: Smiths Falls Campus Update
In addition to breaking new ground in outdoor growth, Canopy
Growth's entire Canadian operation continues to expand as the
Company accelerates its efforts to supply the domestic and
international cannabis markets. The developments outlined below
will support revenue generation from the second phase of Canadian
recreational products, expected to be in market late Q3 fiscal
2020. Highlights include:
- The Company has increased its footprint to include more than
950,000 sq. ft. of total licensed or pre-license production,
and non-licensed operating space at its Smiths Falls Campus, in
order to support advanced manufacturing, encapsulation,
cultivation, production, secure storage, logistics, distribution,
and other functions needed to serve the Canadian market from
coast-to-coast.
- Tens of thousands of square feet devoted to the production of
chocolates. Once federal regulations over cannabis infused
concentrates, edibles and beverages are implemented in late 2019,
Canopy Growth estimates a monthly production capability of more
than 850,000 chocolates with the option to scale
up.
- Approximately 70,000 sq. ft. of secure storage
space to ensure streamlined logistical and supply-chain operations
to serve the Canadian market.
- Approximately 125,000 sq. ft. of
bottling space at its new beverage production facility which
will, once licensed and operational, have the capacity to produce
more than 5 million beverages per
month (expected by Q2 2020.)
- IP-protected processes and equipment in place to produce more
than 800,000 pre-rolled joints monthly.
- Production capacity of over 15 million softgels per
month, with scaling underway to increase this output.
- Patented extraction and vape production capabilities with
capacity to produce more than 2 million vapes monthly.
From the beginning, Canopy Growth has and will continue to make
significant investments to scale its business
in Canada and globally, including building corporate
capabilities, developing production infrastructure, and investing
in the marketing and development of new value-added consumer
products for the recreational and medical cannabis markets.
Here's to Future (outdoor) Growth (and building the capability
for large-scale production and revenues).
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 owns 12 licensed cannabis production sites with
millions of square feet of production capacity, including more than
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 national and international operations and expansion.
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