Aldergrove License Secures Canopy with more than a Million
Additional sq. ft. of Licensed Production
ALDERGROVE, BC, Feb. 20, 2018 /CNW/ - Canopy Growth Corporation
("Canopy Growth" or the "Company") (TSX: WEED) is pleased to
announce that it has received a cultivation licence for the first
of its two sites operating under the BC Tweed Joint Venture Inc.
("BC Tweed") banner.
The rapid licensing of the Aldergrove site, the largest federally
licensed cannabis site anywhere in the world, continues a pattern
of professional execution for the Company as it prepares to meet an
unprecedented increase in demand in a few short months once legal
adult-use markets commence. The initial licensing covers over
400,000 sq. ft. of growing space, allowing vegetative growth so
that the mature plants can be spread into the full 1.3 million sq.
ft. in the coming months for flowering and ultimate harvest.
Friday was the culmination of world class execution (and not
much sleep) from the Company's BC team with support from teams
across the country, as in only a few short months the site was
renovated with lighting, shade systems, security, and automated
systems to meet the rigorous standards of both the ACMPR and Canopy
Growth. Over the weekend, the site received the largest single
shipment of cannabis clones in the Company's history, with over
100,000 live cannabis clones flying high from the Tweed Smiths
Falls Campus to their new home in British
Columbia.
"Our team has made monumental and often historic progress in the
retail landscape of every Canadian province to have announced its
system to date. We are the only producer in Canada who can make this claim and we will
continue to leverage our production platform in order to solidify a
truly national presence for our cannabis brands," said Mark Zekulin, President, Canopy Growth. "A
cultivation license for our first BC Tweed site positions us to
continue this trend as Canada's,
and indeed the world's largest, most reliable and most diversified
producer and seller of high quality regulated cannabis."
"As proud native British Columbians and long-time horticulture
producers we are excited to continue the proud tradition of BC bud
on a national scale," said Victor
Krahn, who runs operations for BC Tweed. "Working with
Canopy Growth we're going to take the Tweed brand to the next level
on the West Coast and bring the best our province has to offer to
the country and the world."
With the Aldergrove, BC site
now into the production stage, BC Tweed's focus will turn to its
second BC site, a 1.7 million sq. ft. greenhouse, with work already
well under way. With this expansion, Canopy Growth is on track to
have over 5.6 million sq. ft. of domestic growing space.
Management consulted IIROC and made the decision to halt trading
of Canopy Growth common shares on the TSX on Friday, Feb 16th at approximately
4:20 pm ET when it learned that it
had been issued the licence because it represented a material
change in the Company's production capacity.
Here's to Future (Sun Grown BC Bud) Growth (from Your Friends at
Tweed).
About Tweed
Tweed is a globally recognized cannabis
production brand. It has built a large and loyal following by
focusing on quality products and meaningful customer relationships.
Tweed doesn't just sell cannabis, it facilitates a conversation
about a product we've all heard about but haven't met intimately
yet. It is approachable and friendly, yet reliable and trusted. As
cannabis laws liberalize around the world, Tweed will expand its
leading Canadian position around the globe. Learn more
at www.tweed.com.
About BC Tweed Joint Venture
BC Tweed Joint Venture is
a collaboration between Canopy Growth and an established,
large-scale greenhouse grower to develop up to 3 million sq. ft. of
high-end, automated greenhouse production space across two sites in
beautiful British Columbia.
Production is already underway to serve the growing demand for
Canopy's family of genetics.
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. 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 established partnerships with leading sector
names including cannabis icon Snoop Dogg, breeding legends DNA
Genetics and Green House seeds, and Fortune 500 alcohol leader
Constellation Brands, to name but a few. Canopy Growth operates
seven cannabis production sites with over 665,000 square feet of
production capacity, including over 500,000 square feet of
GMP-certified production space. The Company has operations in seven
countries across four 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 partly owned subsidiary, Canopy Health Innovations,
has devoted millions of dollars toward cutting edge,
commercializable research and IP development. 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 to our continued international expansion, pride in
advancing shareholder value through leadership is engrained in all
we do at Canopy Growth. For more information
visit www.canopygrowth.com
Notice Regarding Forward Looking Statements
This news
release contains forward-looking statements. Often, but not always,
forward-looking statements 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 involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Canopy Growth Corporation, its subsidiaries, or its
affiliates to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Examples of such statements include
future operational and production capacity, the impact of enhanced
infrastructure and production capabilities, and forecasted
available product selection. The forward-looking statements
included in this news release are made as of the date of this news
release and Canopy Growth Corporation does not undertake an
obligation to publicly update such forward-looking statements to
reflect new information, subsequent events or otherwise unless
required by applicable securities legislation.
Neither the TSX Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation