Hemp pioneer Geoff Whaling to join Canopy Growth USA as Strategic Advisor, Hemp and CBD in
addition to being the co-Founder and President of Hemp Developments
LLC.
SMITHS FALLS, ON, March 21, 2019 /PRNewswire/ - Canopy Growth
Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NYSE:
CGC) is pleased to announce today it has acquired AgriNextUSA, a
hemp enterprise led by CEO Geoff
Whaling, that has been at the forefront of hemp advocacy and
building a vibrant hemp sector in the USA. The acquisition will accelerate Canopy
Growth's entry into key American jurisdictions as regulations
surrounding the full use of hemp as a crop begin to be implemented,
thanks in part to the recently enacted 2018 US Farm Bill.
"The United States is the next
stop on Canopy Growth's desired path to becoming a leading,
revenue-generating company focused on all aspects of cannabinoids
and their potential," said Bruce
Linton, co-CEO and Chairman of Canopy Growth. "Our
significant investments, acquisitions and compilation of talented
leaders such as Geoff will position us for swift expansion
throughout the United States. By
collaborating with a pioneer like Geoff, who has been involved with
our team since our earliest days in 2013, we will aim to turn hemp
supplied by American farmers into a wide range of products."
Hemp has the potential to disrupt several prominent industries:
advanced materials, cosmetics, energy, fibre and textiles, food and
protein production and the health and wellness sectors. In
addition, hemp is a natural source of CBD, the non-intoxicating
component of cannabis that can be used for health and wellness
purposes in jurisdictions where legally permitted.
The vision proposed by AgriNextUSA and supported by Canopy
Growth would involve creating Hemp Industrial Parks such as the one
previously announced in New York
State, where this super crop could be fast-tracked through a
production cycle that would result in commercial applications for
all parts of the plant, from root to tip. American farmers will
benefit from a model that provides a single, regional destination
for their hemp crops and connects them with the researchers,
entrepreneurs and innovators whose ideas will turn their crops into
new products and industries.
"Hemp has the potential to become a multibillion-dollar industry
that will boost the American economy for generations to come," said
Geoff Whaling, CEO of AgriNextUSA, Chairman of the National Hemp
Association and newly appointed Strategic Advisor, Hemp and CBD,
Canopy Growth USA. "By working
with Canopy Growth, we will turn our vision into a reality, one
that helps American farmers, small and medium-sized business
owners, and the next cohort of innovators who see the extraordinary
potential that hemp has to offer."
As previously mentioned, Canopy Growth is on track to build the
first Hemp Industrial Park in the Southern Tier of New York State, after receiving a state
license to produce and process hemp. The Company committed to
invest $100M to $150M (US) into a hemp operation that will lead
to significant job creation and positive local economic impacts, as
well as the production of high-quality CBD products that meet the
unwavering quality and innovation standards that Canopy Growth is
known for around the world.
Though this cash purchase is not material to the Company's
current cash position, the acquisition will hasten Canopy Growth's
arrival in key markets in the United States.
Here's to future (American) 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 strategic acquisitions related to current and future
hemp operations in a key international market. 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