SMITH FALLS, ON, March 17, 2020
/PRNewswire/ - Canopy Growth Corporation ("Canopy Growth" or the
"Company") (TSX: WEED) (NYSE: CGC) has been monitoring the COVID-19
outbreak and paying close attention to the guidance given by public
health bodies around the globe. Canopy Growth's leadership team has
made the decision to temporarily close all corporate-owned Tokyo
Smoke and Tweed retail locations across Canada, effective at 5:00 p.m. local time today, March 17.
"We have a responsibility to our employees, their families, and
our communities to do our part to "flatten the curve" by limiting
social interactions. For us, that means shifting our focus from
retail to e-commerce," said David
Klein, CEO, Canopy Growth. "This is a big decision but it
was also an easy one to make – our retail teams are public-facing
and have been serving an above-average volume of transactions in
recent days. Given the current situation, it is in the best
interest of our teams and our communities to close these busy hubs
until we are confident we can operate our stores in the best
interest of public health."
Canopy Growth also has a responsibility to its customers and
medical patients to continue providing access to their desired
cannabis products and prescribed medication. The Company has
established, fully supported e-commerce platforms available to our
recreational and medical customers across the country to provide
business continuity for people seeking our products.
The decision affects the 23 corporately-owned stores in
Newfoundland, Saskatchewan, and Manitoba as well as the Tweed Visitor Centre
in Smiths Falls, ON.
Patients will be able to continue purchasing medical cannabis
through Spectrum Therapeutics. Adult consumers within Manitoba and Saskatchewan are able to purchase Canopy
Growth products through Tweed and Tokyo Smoke e-commerce platforms,
all other provinces and territories will be supported through
government-run online retail.
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 operates eleven licensed cannabis production
sites with over 7.5 million square feet of production capacity,
including over 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 future retail operations. 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
25, 2019 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/canopy-growth-to-temporarily-close-corporate-owned-retail-amid-response-to-covid-19-301025461.html
SOURCE Canopy Growth Corporation