SMITHS FALLS, ON, Oct. 24, 2016 /CNW/ - Tweed Farms Inc. ("Tweed Farms" or the "Farm"), a wholly owned subsidiary of Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX:CGC) is pleased to announce the receipt of its license to sell dried cannabis products. The sale of product is limited to other licensed producers, and in particular its sister company Tweed Inc. ("Tweed").
The Tweed Farms license capacity has also been amended and the greenhouse facility is now licensed to produce and sell 6,000kg of dried cannabis, valid through January 13, 2017. Cannabis produced at Tweed Farms will be allocated predominantly towards the online store of Tweed, as part of Tweed's commitment to ensuring variety, reliability and affordability for its customers.
"There are economic efficiencies to using rain-recapture and natural sunlight on a large-scale," said Bruce Linton. "This current harvest that is underway as we speak will be the first time we've used the full potential of the largest greenhouse in the industry and we're very excited to bring a harvest of this scale to market for medical cannabis patients."
With this license extension, Canopy Growth Corporation has a present licensed production capacity of 12,000 kg across three diversified, world-class sites.
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company, offering diverse brands and curated cannabis strain varieties in dried and oil extract forms. Through its wholly-owned subsidiaries, Tweed, Tweed Farms, and Bedrocan Canada, Canopy Growth operates three state-of-the-art production facilities with over half a million square feet of indoor and greenhouse production capacity. Canopy Growth has established partnerships with leading sector names in Canada and abroad. For more information, www.canopygrowth.com
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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, Tweed Inc., Tweed Farms Inc. or Bedrocan Canada Inc. 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 Corp. 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.
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SOURCE Canopy Growth Corporation
For further information: Contacts: Jordan Sinclair, Director of Communications, [email protected], 613-769-4196; Tyler Burns, Investor Relations, Canopy Growth Corporation, [email protected], 1-855-558-9333 ex 122