Canopy Growth Corp (OTCMKTS:TWMJF) has finally closed the acquisition deal of Green Hemp Industrie Ltd. The company’s strategy has been welcomed by many including the provincial government, which says that it will play a great role in creating jobs for Saskatchewanians. The acquisition will tap on the Green’s assets and intellectual property and the duo is expected to combine its expertise and enlarge the field scale of hemp production.
Last year, Canadian’s spent close to C$5.7 billion on medical and recreational marijuana. Besides, there is still hope that Canada will legalize recreational sales by July and despite the barriers, there is a notable increase of licensed producers in Canada
The new platform will enable innovation, diversification, and commercialization
The anchoring of Canada’s largest cannabis company is a plus to provincial economy given that it will boost the hemp production operations. Canopy growth will apply its expertise in large-scale cannabinoid extraction processes. On the other end, Green will bring on board its exclusive whole-plant hemp harvesting knowledge.
There is a projection of having field operations scale from 600 acres in 2018 to 2,500 acres in 2019 and for this reason, Canopy will install a Tweed Grasslands facility. The facility has received the sales license, which is believed to be a milestone towards opening up of hemp business in Saskatchewan. Besides, Saskatchewan is well-positioned and it is expected to attract investments from other bigger businesses similar to Canopy.
Canopy Growth is driven by a commitment to building a world-class cannabis company
Canopy Growth is passionate about offering diverse brands and curated cannabis varieties. The world-leading diversified cannabis and hemp company is also dedicated to providing resources and investment to new market entrants. This is the sole reason it has opened up partnerships with leading sector names the likes of cannabis icons Snoop Dogg and Organa Brands.
Canopy Growth runs its operations in seven countries across four continents occupying over 665,000 square feet of production capacity. It intends to further the public’s understanding of cannabis by educating healthcare practitioners while conducting robust clinical research.
This is a significant milestone for Saskatchewan according to Honourable Steven Bonk, Minister of Economy who says, “We will continue to encourage responsible development of this industry in our province.”