Largest cannabis company, Canopy Growth, inks largest supply agreement to date with Newfoundland & Labrador
Smiths 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
About Cannin.com: Your Marijuana Stocks Resource
Cannin is your #1 resource for marijuana stocks. Our global team of experts evaluates all emerging marijuana stock investing opportunities. We aggregate hundreds of hours of research and provide tips on the best marijuana stock investments for 2020.
Use Cannin as your resource for:
- Cannabis and hemp investing news
- Featured cannabis and hemp company analysis
- Comprehensive cannabis and hemp stock reports
Is it too late to invest in marijuana stocks? No! This is the perfect time to invest.
Many market analysts expect the legal marijuana industry will have an annual value exceeding $75 Billion in the next decade. The time to invest in marijuana stocks is now.
Are you interested in marijuana stocks like Curaleaf, Trulieve, Aurora Cannabis, or Charlotte’s Web,?
Are you looking to buy stock in marijuana companies for 2020? Interested in emerging penny marijuana stocks? Looking for the best Canadian marijuana stocks to invest in? We can help.
Predict price movements of marijuana stocks several hours in advance with our proprietary algorithmic stock trading software.
- +25% Gains in 2020
- +49.8% Gains in 2019
- 108% Backtested since 2012
We’re so confident you’ll love our algotrading marijuana stock signals, we’re willing to give you a one-month risk-free trial to see it for yourself.
Profit from the best marijuana stocks – we’ll show you how at cannin.com.
Marijuana Stocks, Pot Stocks, Algorithmic Stock Trading, Best Hemp Stocks 2020
