Both Canopy Growth Corporation (WEED) and Canopy Rivers Corporation announced their partnership with LiveWell Foods Canada Inc. on April 5th.
The two Canopy corporations agreed to equity in LiveWell, and LiveWell agreed to a purchase agreement from Canopy Growth for cannabis production at their Ottawa facility. LiveWell is also able to receive $20 million in debt financing from Canopy Rivers to continue their growth.
Canopy Growth will specifically be providing LiveWell with personnel that are highly trained in multiple aspects of the cannabis cultivation process. The individuals supplied by Canopy will train LiveWell employees to adhere to standard operating procedures, help LiveWell with is official licensing for their cultivation facilities and provide support in other areas.
This agreement made between the three companies will speed up the development and licensing of two of LiveWell’s cannabis production facilities in Ottawa and Pontiac. These two facilities have a combined total of over 1.5 million square feet in cannabis cultivation and processing space.