Canopy Growth Corporation (WEED) announced that it will develop a headquarters location in the Asian-Pacific region. The company will create a cultivation and production location in Victoria, the first Australian state to legalize medical cannabis.

Victoria made the medicinal use of cannabis legal in 2016. This new HQ built by Canopy will be a giant leap forward into the future for the state’s very young cannabis industry.

Canopy Growth will be one of the two commercial growers allowed to cultivate cannabis for medical purposes in Victoria.

The Andrews Government has planned since 2017 to have Victoria supply one half of Australia with medicinal cannabis by 2028.

The value of WEED has decreased 10.5% in the last 5 days and there has not been enough time yet to determine if the news of this headquarters will increase the value of the stock.