Canopy Growth Corporation (NYSE: CGC) announced on July 5th the company has closed its transaction with BC Tweed Joint Venture Inc. (BC Tweed). Canopy Growth now has 33% ownership of BC Tweed after paying $374 million Canadian dollars or $285.3 million USD in Canopy Growth shares.
The full sum will be paid over a three year period and is also subject to the achievement of specific goals. BC Tweed will need to fulfill production milestones in order to progress payment from Canopy Growth.
BC Tweed is still working on increasing their greenhouse production square footage. The company currently has 1.7 million square feet that is completed and fully licensed. After the remaining production space is completed, BC tweed will have 3 million square feet for production.