SMITHS FALLS, ON, July 5, 2018 /CNW/ - Canopy Growth
Corporation (TSX: WEED) (NYSE: CGC) ("Canopy Growth" or the
"Company") is pleased to announce the completion of a major
supply agreement with the Alberta Gaming, Liquor & Cannabis
Commission ("AGLC") to supply the province with premium cannabis
products in a variety of forms including whole-flower, oil, and
Softgel capsules.
Under the terms of the agreement, the largest of its kind in
Canada, Canopy Growth will supply
Alberta with over 15,000 kilograms
of cannabis products to support the first six months of the
province's adult use recreational cannabis market set to open on
October 17, 2018. Inventory will be
replenished by the Company as requested and the AGLC reserves the
right to extend the agreement for up to two additional years in
12-month increments. Should the need arise, Canopy Growth is
prepared to go beyond the minimum supply commitment to ensure the
AGLC has sufficient product to meet market demand.
"Today's announcement with Alberta further demonstrates that our
industry-leading value proposition is difficult to compete
against," said Mark Zekulin,
President & Co-CEO, Canopy Growth. "It's exciting to be a
significant partner with every province for the recreational
cannabis market and it truly speaks to our readiness and focus on
creating brands and products that resonate with consumers. We look
forward to introducing our family of brands to Albertans across the
province."
Combining the Company's supply agreements with six provinces and
one territory including New
Brunswick, Newfoundland
& Labrador, Prince Edward
Island, Quebec,
Yukon, recently announced
Manitoba and now Alberta, Canopy Growth is committed to supply
these markets on an annualized basis with up to 61,500 kilograms of
cannabis products in the first year of legal sales with varying
incremental multi-year obligations by province. Supply agreements
are supported by a national production platform which includes a
state-of-the-art indoor production facility located just outside
Edmonton, Alberta. Initially
announced in June 2017, the
production site ensures that Albertans are accessing Tweed and
other Canopy Growth-affiliated products from a company proudly
investing in the province.
Starting October 17th, Albertans
will be able to purchase a wide range of curated cannabis products
from Tweed, the best-known cannabis brand in Canada, as well as partner brands including
DNA Genetics and Leafs by Snoop. Canopy Growth's cannabis products
in Alberta will be available to
purchase from a government-operated online site,
www.albertacannabis.org and in authorized privately-run retail
stores. The Company anticipates unveiling its own Tweed-branded
retail stores throughout the Summer.
Here's to Future 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. 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 ten
cannabis production sites with over 2.4 million square feet of
production capacity, including over 500,000 square feet of
GMP-certified production space. The Company has operations in nine
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 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
Forward Looking Statement
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: "Starting
October 17th, Albertans will be able
to purchase a wide range of curated cannabis products from Tweed."
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 meet future supply needs, and
such risks contained in the Company's annual information form dated
June 28, 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.
SOURCE Canopy Growth Corporation
