NIAGARA-ON-THE-LAKE, ON, March 31st, 2016 /CNW/ - Tweed Farms Inc. ("Tweed Farms" or the "Farm"), wholly owned subsidiary of Canopy Growth Corporation (Canopy Growth) (TSXV: CGC) is now licensed to produce, possess and ship dried marijuana at its facilities in Niagara-on-the-Lake, Ontario.
The license completes a successful phase of infrastructure enhancements that have increased the independence of the Tweed Farms site and transformed it from a broad-scale production facility to a vertically integrated campus capable of growing, trimming, curing and storing product. A 25,000 sq. ft. processing and storage building has been added to the existing 350,000 sq. ft. greenhouse. Tweed Farms will seek a final sales license as soon as its first crop has been harvested and tested for sale.
"We acquired the greenhouse twenty two months ago to position ourselves as a large scale, low-cost producer capable of supplying a sizeable percentage of the market," said Bruce Linton, CEO of Canopy Growth. "This infrastructure completion and Health Canada approval milestone is a testament to the team at Tweed Farms who continue to execute our capacity-building as planned."
"We now have three distinct facilities licensed to produce a significant amount of finished goods, offering a growing number of patients a reliable, diverse and secure supply of cannabis and related oils products," continued Linton.
Using tissue culture propagation rather than clones clipped from mother plants, large plots of cost-effective greenhouse space can be brought online to satisfy demand.
The license is valid through January 13th, 2017 and allows Tweed Farms to produce 1200kg of dried marijuana. Consistent with Health Canada's process, Tweed Farms will seek to expand the licensed capacity based upon actual production from the initial 1,200kg.
Here's to (a whole lot more) Future Growth.
About Canopy Growth
Canopy Growth Corporation is a listed company on the TSX Venture Exchange (CGC). Its wholly owned subsidiaries, Tweed Inc., Tweed Farms Inc., and Bedrocan Canada Inc. are leading Canadian producers of medical marijuana under the Marihuana for Medical Purposes Regulations (MMPR).
The Company's group of brands represents distinct voices and market positions designed to appeal to a wide array of customers, doctors and strategic industry partners.
To learn more about our globally recognized brands, our commitment to research and education, and our best-in-class leadership team, please 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 the Company or any of its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Although Canopy Growth Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the Company or any of its subsidiaries. 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.
SOURCE Canopy Growth Corporation
For further information: Media Contact: Jordan Sinclair, 855-558-9333 ex 309, Jordan@tweed.com; Investor Contact: Tyler Burns, 855-558-9333 ex 122, Tyler.email@example.com; Director: Bruce Linton, CEO, firstname.lastname@example.org