Canopy Growth Production Footprint Increases with Further Tweed Farms Licence Expansion
17 Sep, 2018, 07:51 ET
NIAGARA-ON-THE-LAKE, ON, Sept. 17, 2018 /CNW/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NYSE: CGC) is pleased to announce that its Tweed Farms Inc. ("Tweed Farms") site has received licence amendments approving all remaining greenhouse space, bringing the Company's total licensed footprint to approximately 3.2 million sq. ft. The Company's Canadian platform is now 57% licensed with the balance under aggressive development towards the previously announced 5.6 million sq. ft. target production footprint. This target excludes significant production capacity projects underway at Canopy Rivers' partners and supply available to Canopy Growth through third-party agreements.
"We are a house of cannabis brands and that means we need production infrastructure that can grow a wide range of genetics at scale simultaneously," said Mark Zekulin, co-CEO and President, Canopy Growth. "I'm proud of this most recent licence and credit our team as we continue our track record of expansion and execution."
With licensed production sites in seven provinces, Canopy Growth has quickly established itself as a national producer. High efficiency hybrid greenhouses, including those at Tweed Farms represent approximately 80% of the Company's production platform.
The Company continues to pursue a large and diversified production platform in order to build a sustainable source of supply of high quality cannabis products that can be used for medial and recreational markets. This licensing milestone is a meaningful increase to Canopy Growth's capacity but more licensed capacity, currently in the regulatory licensing process, is needed in order to fill the available demand projected in the market.
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.
The Company has operations in 11 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 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, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten licensed cannabis production sites with over 3.2 million square feet of production capacity, including over 500,000 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 "adult customers in the province will be able to experience Tweed"; "Residents of Brandon and Dauphin can both look forward to a dedicated Tweed retail store in each of their cities and residents of Winnipeg can look forward to two"; and "Tweed retail stores will stock an industry-leading lineup of products from Tweed as well as partner brands including DNA Genetics and Leafs by Snoop". 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 opening of stores; planning of unveiling events; product availability; and such risks contained in the Company's annual information form dated June 28, 2017 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
For further information: Caitlin O'Hara, Media Relations, [email protected], 613-291-3239; Investor Relations, Tyler Burns, [email protected], 855-558-9333 ex 122; Director: Bruce Linton, [email protected]
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