Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) is pleased to announce that it has completed an agreement with the Manitoba Liquor and Lotteries Corporation to supply the province with high quality cannabis products.
Under the terms of the agreement, Canopy Growth will supply the Manitoba market with up to 6,500 kilograms of cannabis products over the next twelve months to meet demand from the adult use recreational cannabis market set to open on October 17, 2018. Manitobans can look forward to an industry-leading lineup of products from Tweed, the best-known cannabis brand in Canada, as well as partner brands including DNA Genetics and Leafs By Snoop.
The MBLL also retains the right to extend the agreement for up to an additional twelve months. Additionally, Canopy Growth is positioned to increase supply at the request of the MBLL.
"Signing a supply agreement with Canopy Growth ensures that Manitoba residents will have access to a reliable supply of the most exciting brands and cannabis products available,'' said Mark Zekulin, President, Canopy Growth. "As we move closer to a legal adult use cannabis market, supply agreements like this directly support Canopy Growth's strategy for capturing and increasing market share.''
This agreement builds upon the conditional acceptance of the consortium application submitted by Canopy Growth and Delta 9 Cannabis Inc. to operate retail locations in the province. Manitoba is the third province, in addition to Saskatchewan and Newfoundland & Labrador, where adult-use consumers can look forward to receiving a Tweed-branded experience in a brick and mortar environment. Additionally, Canopy Growth expects to make an announcement on the locations of its retail stores across the Province in the near future.
As an indication of its readiness for the recreational market, Canopy Growth has completed supply agreements with five provinces and one territory, including New Brunswick, Newfoundland & Labrador, Prince Edward Island, Quebec, Yukon, and now Manitoba totaling 31,500 kilograms of diversified cannabis products in the first year of legal sales with varying incremental multi-year obligations by province.
With an industry leading production platform, completed supply agreements, and dedicated retail where allowed by provincial regulations, Canopy Growth is well positioned to meet the demand from this new and exciting market in Manitoba and across Canada.
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.
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 cannabis production sites with over 2.4 million square feet of production capacity, including over 500,000 square feet of GMP-certified production space. The Company has operations in eight 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 to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. For more information visit www.canopygrowth.com