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Largest cannabis company, Canopy Growth, inks largest supply agreement to date with Newfoundland & Labrador

Largest cannabis company, Canopy Growth, inks largest supply agreement to date with Newfoundland & LabradorSmiths Falls, Ontario-based Canopy Growth (OTCPK: TWMJF) (TSX: TWEED) Canada’s largest cannabis and hemp producer with market cap of CAD$3.6 billion, entered into a supply, development and retail agreement with the provinces of Newfoundland and Labrador today to provide cannabis in the run-up to Canada’s countrywide adult recreational market legalization expected next summer. The country already has a large and growing medical cannabis market.

Canopy stock rose 4% to CAD $18.98 in early trading on the news. The stock has doubled in the past 3 months.

Under the agreement, Canopy Growth will supply 8,000 kg (17,600 lbs) of cannabis annually for the first two years, and build a new production facility in Newfoundland and Labrador able to produce 12,000 kg (26,400 lbs) per year. This is expected to bring 145 jobs to the region and could be the first licensed production facility in the province.

“Our vision is for an industry which leads to production, job creation, supply chain development and research and development in this province,” said Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation for Newfoundland and Labrador.

In addition to the production facilities, Canopy’s wholly-owned subsidiary, Tweed Inc. is eligible to apply for four new retail locations in the province. These could be the first privately owned and operated legal cannabis retail locations in the country. Site scouting is underway.

Mr. Linton continued, “The Newfoundland and Labrador retail framework will allow us to take our existing e-commerce (medical cannabis) business… (to a) brick and mortar retail environment. “

Canopy Growth operates seven cannabis production sites across Canada with over 665,000 sq ft (15 acres) of production capacity. It offers cannabis brands in dried, oil and soft gel capsule forms. “Canopy’s operations will soon stretch from coast to coast, with locations now planned in seven provinces…,” said Bruce Linton, Chairman & CEO.

As Canopy (and Tweed) grow into large industry players, they are wisely managing public perceptions through partnerships with MADD Canada and Parent Action on Drugs, to ensure Canada exits prohibition responsibly.

Canopy Growth has operations in seven countries across four continents, employing 546 people. The company has partnerships with leading cannabis specialty companies such as Snoop Dogg, DNA Genetics and Green House seeds, as well as Fortune 500 alcohol company Constellation Brands. 

Source Canopy Growth press release

Largest cannabis company, Canopy Growth, inks largest supply agreement to date with Newfoundland & Labrador

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