Canopy Growth had a busy weekend, receiving a cultivation license for their BC Tweed site, which doubles their production capacity, and acquiring a Czech medical cannabis distributor.
SMITHS FALLS, ON, April 16, 2018 /CNW/ - It was an eventful weekend for Canopy Growth Corporation (TSX: WEED), so here's a Monday-morning recap.
First, we doubled our licensed domestic production capacity.
Late in the day on Friday, April 13, we received licenses for both greenhouse facilities operating under our majority-owned BC Tweed Joint Venture banner. What are the details? Well, our 1.3 million sq. ft. greenhouse facility in Aldergrove, BC, is now licensed for 840,000 sq. ft. of growing space up from 400,000 sq. ft. On top of this, our 1.7 million sq. ft. second BC Tweed greenhouse site received its first cultivation license for 900,000 sq. ft. of growing space. (It is now the largest licensed cannabis facility in the world.)
This brings our total licensed domestic platform to 2.4 million sq. ft. with work continuing at all sites to reach 5.6 million sq. ft. of licensed production capacity. For full details, look here.
Second, our European platform continues to grow with the acquisition of Annabis Medical, the Czech Medical cannabis industry leader.
As of today, we completed the acquisition of Annabis Medical s.r.o ("Annabis Medical"). Pursuant to federal licenses, Annabis Medical currently imports and distributes cannabis products through the Czech Republic's legal pharmacy channel and will now bring our renowned Spectrum brand to market. We're also excited that it's founder and CEO, Dr. Robin Kazík, will continue to lead and grow the Czech subsidiary as part of the Canopy team. Welcome Dr. Kazík!
Following this acquisition, Canopy Growth is now operating through partnership or direct participation in the medical Cannabis industries of the Czech Republic, Denmark, Germany and Spain. When combined with our other international ventures and unparalleled Canadian production and sales platform, this represents the world's largest and most diversified cannabis platform. Full details on this announcement can be found here.
So what's it all mean?
"We have a strategic growth plan and we're busy executing for the benefit of our shareholders. The international arms of our business are getting stronger and more numerous and our Canadian platform is rapidly gearing up to support our desire to capture a large portion of the Canadian adult-use market expected this summer," said Mark Zekulin, President, Canopy Growth.
Here's to Future Growth (in BC, sales in the Czech Republic, and…).
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 owns or operates 5.6 million square feet of production capacity built or underway, including 2.4 million square feet of licensed production space. The Company has operations in seven countries across four 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.
About BC Tweed Joint Venture
BC Tweed Joint Venture is a collaboration between Canopy Growth and an established, large-scale greenhouse grower to develop up to 3 million sq. ft. of high-end, automated greenhouse production space across two sites in beautiful British Columbia. Production is already underway to serve the growing demand for Canopy's family of genetics.
About Annabis Medical s.r.o
Annabis Medical s.r.o is a medical cannabis distributor based in the Czech Republic and has, directly or through its affiliates, held medical cannabis licences since 2014. Distribution of medical cannabis began in 2015 and the company has previously worked with Office of Medicinal Cannabis from the Netherlands and also imported medical cannabis from Canada. Sister company Annabis, s.r.o. is the producer of hemp organics cosmetics and is not involved in transaction.