The facility is expected to come online in the fall with a capacity of 5,000 kilograms of hemp or cannabis biomass per day. The facility is expected to reduce operational costs for value-add products that will be rolled out in the Canadian recreational and medical markets by the end of the calendar year.
"With this milestone, we are executing against the vision of making strategic investments today in order to deliver results over the long term," said CEO Mark Zekulin. "This license will ensure we have the supply of extraction inputs for the medical, CBD, and recreational markets, especially the next generation of value-add, high margin cannabis products here in Canada."
Separately, former Canopy CEO Bruce Linton told BNN Bloomberg that he is buying more shares of Canopy to add to his already formidable position despite being ousted earlier this year following disappointing quarterly results.
"[Canopy] continues to execute on the emerging opportunity for increasingly sophisticated global and national recreational and medical products. This is a vision and dedication exercise that is designed to reward shareholders over a huge and rapidly emerging market," Linton said via email.
Canopy Growth share rose 1.5% in trading to $27.13.
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