Updates on Smiths Falls Construction and Company Licensing
SMITHS FALLS, ON, Nov. 7, 2016 /CNW/ - Canopy Growth Corporation (TSX: CGC) ("Canopy" or the "Company") is pleased to update that its wholly owned subsidiary Tweed Inc. ("Tweed") has received approval to begin using its new breeding area at 1 Hershey Drive in Smiths Falls, Ontario.
Consisting of several breeding rooms, phenotyping rooms, and male and female plant rooms that are nestled far away from the flowering rooms, the breeding complex has been specially designed to isolate pollen and male plants from the remainder of the facility.
"This breeding area now allows Tweed to launch two projects core to its vision of offering Canadians the most variety and options in the sector," said Mark Zekulin, President of Canopy Growth Corporation. "First, working with our world class partners, we can begin breeding new varieties uniquely available in the Canadian regulated market. Second, as part of our commitment to supporting a patient's right to grow at home, we can now begin large-scale production of seeds for the legal Canadian market."
This is the first such facility in the industry and will position Tweed as the only licensed producer capable of breeding new products to specific cannabinoid profiles.
In addition, Tweed has had a further three rooms approved as Schedule 3 rooms where cannabis can be present. These rooms will make overall product lifecycles more efficient.
The Company has previously projected 30 total indoor flowering rooms in the 168,000 sq. ft. licensed production area at Tweed's Smiths Falls facility. Based on updated construction plans that will employ multi-level construction, the Company is now targeting 39 similarly sized growing rooms, 12 of which are approved and operational and another 12 of which are under construction targeting completion in the first half of calendar year 2017.
"The demand for high-quality medical cannabis continues to grow at a rapid pace," said Mark Zekulin, President, Canopy Growth Corporation. "Our facilities are growing at a similarly rapid rate to build on our leading position in the medical market, one that requires variety and scale."
Across its three licensed production sites, Canopy subsidiaries are now licensed for 13,500 kg of dried cannabis production and 6,700 kg of cannabis oil production, representing over 7 million ml of finished cannabis oil.
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is publicly traded on the TSX and a leading diversified producer of medical cannabis through its wholly owned subsidiaries Tweed, Bedrocan Canada, and Tweed Farms. The Company operates a collection of diverse brands and curated strain variety, supported by over half a million square feet of indoor and greenhouse production capacity.
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. The forward-looking statements included in this news release are made as of the date of this news release and Canopy Growth 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. Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation
For further information: Jordan Sinclair, Director of Communications, [email protected], 855-558- 9333 ex 309; Tyler Burns, Investor Relations, [email protected], 855- 558-9333 ex 122; Director: Bruce Linton Chairman and CEO, [email protected]