Interesting News Out on WEED & Maybe an Affiliate (EMH)????Makes you wonder whats in the works for our EMH....
JOINT VENTURE INCLUDES OPTION FOR ADDITIONAL 1.7 MILLION SQ. FT. GREENHOUSE
SMITHS FALLS, ON, Oct. 11, 2017 /CNW/ - Canopy Growth Corporation (TSX: WEED) ("Canopy Growth" or the "Company")
is pleased to announce that it has entered into a definitive joint venture agreement to form a new company, BC Tweed Joint Venture Inc. (the "Joint Venture") together with a large-scale greenhouse operator ("the Partner") to develop 1.3 million sq. ft. of greenhouse growing capacity in British Columbia with an exclusive option to develop a further 1.7 million sq. ft. of existing greenhouse infrastructure at a second BC location.
Applications have been submitted for both sites and subject to Health Canada and other standard regulatory approvals, as well as a bit of luck, the Company is hopeful that it will have product available from the Joint Venture as soon as July 1, 2018.
Under the terms of the agreement and subject to third-party approvals required by the Partner, the Joint Venture has conditionally agreed to lease a 1.3 million sq. ft. (30-acre) greenhouse facility located on a 55-acre parcel of land in BC from an affiliate of the Partner, with an option to acquire the property. The Joint Venture significantly supplements the Company's industry leading production portfolio and positions Canopy Growth with production and distribution facilities from coast to coast across the country.
"The Joint Venture allows us to expand our operational footprint for greenhouse production while increasing our institutional knowledge of operating large scale greenhouses," said Bruce Linton, Chairman and CEO, Canopy Growth. "Our cannabis expertise already operating the largest cannabis greenhouse in the sector combined with experience of our new partner's extensive large-scale greenhouse production record, is great news for our customers and investors."