Canopy Growth Receives Outdoor Cultivation License for 7 Million Square Foot Site
Canopy Growth Corporation (NYSE: CGC)
just announced that the company has received a new license for an outdoor cannabis cultivation site in Saskatchewan. This newly acquired license dramatically increases Canopy Growth’s Canadian cultivation footprint. The latest advancement in the cultivation site came merely hours afterwards Canopy Growth received the cultivation license from Health Canada. Canopy Growth planted cannabis cuttings at the 7 million sq. ft., or 160 acre, outdoor cultivation field.
After the newly licensed outdoor cannabis cultivation site receives all the licenses for production and extraction, it will be incorporated into the entire operational platform of Canopy Growth. This location’s extracted cannabinoids will be utilized to create higher margins on products like beverages, chocolates, and vape devices when compared to the returns from indoor and greenhouse facilities.
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Mark Zekulin, President and co-CEO of Canopy Growth, stated: “Our team has outdoor, at-scale cannabis expertise gained from over a decade of hemp farming experience, including Canopy’s 4,000-acre hemp operation executed last year, the extract of which is bolstering our CBD supply for the medical and recreational markets. At this stage in the summer planting season we view this as a pilot and ramp up project for outdoor cannabis cultivation, though the team will do everything it can to deliver low cost yields this year.”
The company also successfully expanded its 4,000 acre hemp operation to more than 5,000 acres this year. This hemp field experience and expansion is to be partnered with the outdoor cultivation of cannabis. Optimal cultivation methods and new strategies gained from the hemp field will be applied to their outdoor cultivation sites.
An update on Canopy Growth’s Smith Falls Campus was also included in the announcement of the new Saskatchewan cultivation site Health Canada license. Smith Falls Campus increased to a total of 950,000 sq. ft. of licensed and pre-licensed production space. Tens of thousands of square footage is now set and determined to be focused on the production of cannabis infused products. After federal regulations are removed on the production of cannabis concentrates, edibles, and beverages in late 2019, the company expects to produce more than 850,000 chocolates. It is also expected by Canopy Growth that over 5 million cannabis infused beverages will be produced on a monthly basis by Q2 of 2020. Cannabis vapes will be produced by the company at a possible rate of more than 2 million per month with the use of its patented extraction and vape production methods.
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Canopy Growth Receives Outdoor Cultivation License for 7 Million Square Foot Site
