SMITHS FALLS, ON, Sept. 21, 2015 /CNW/ - At its recent Annual General Meeting, Tweed Marijuana Inc. shareholders voted in favour of changing the company's trading and corporate name to Canopy Growth Corporation ("CGC" or the "Company"). The TSX Venture Exchange has also approved the name change, and trading will commence under the new name and ticker symbol CGC on Tuesday, September 22nd, 2015. Tweed.com and Bedrocan.ca will continue to be the brands visible to the consumer market.
"We started with one intelligent and approachable brand, Tweed. With that brand we've been able to attract a large percentage of the market by offering a diverse product line and top-notch customer service," said Bruce Linton, Chairman and CEO of CGC. "Next we added Bedrocan, with their industry-leading focus on research and a line of standardized cannabis strains. Together, these distinct voices will allow us to attain a dominant market position in Canada and build the foundation for international expansion."
The Company's wholly owned subsidiaries, Tweed Inc. (Tweed), Tweed Farms Inc. (Tweed Farms), and Bedrocan Canada Inc. (Bedrocan) will continue to operate as distinct entities and operating platforms. With the domestic market rapidly advancing and international expansion becoming increasingly viable, these distinct methods of production and brand excellence position the Company to simultaneously capitalize on market opportunities.
Mr. Linton further commented, "Rebranding as Canopy Growth Corporation marks the evolution from a singular enterprise to a multi-brand holding company that can focus on diversified markets. CGC subsidiaries cater to distinct market segments, presenting a unique value proposition to customers who will get access to two producers when they choose Tweed or Bedrocan".
- Canopy Growth Corporation holds 4 licenses under the Marihuana for Medical Purposes Regulations (MMPR).
- The operating companies under CGC have a total production capacity of 5,740 kg per year, and production space of 573,000 sq. ft. (equivalent to 10 football fields).
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 Tweed Marijuana Inc. 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 Tweed Marijuana Inc. 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
Image with caption: "Starting Sept. 22nd, 2015 Canopy Growth Corporation will trade on the TSX Venture Exchange as CGC (CNW Group/Canopy Growth Corporation)". Image available at: http://photos.newswire.ca/images/download/20150921_C6843_PHOTO_EN_501748.jpg
For further information: Jordan Sinclair, Communications Manager, [email protected], 613-706-2185 ex 309