SMITHS FALLS, ON, Aug. 20, 2019 /CNW/ – Canopy Growth Corporation (TSX: WEED), (NYSE: CGC) (“Canopy Growth” or the “Company”) is pleased to announce that it has received a licence from Health Canada for its KeyLeaf Life Sciences (“KeyLeaf”) facility in Saskatoon, Saskatchewan. Including the Smiths Falls site and the recently licensed BC Tweed extraction site, Canopy Growth now operates three significant extraction assets to support the throughput required for large scale value-add product development.
About KeyLeaf Facility
Canopy recently retrofitted the now fully licensed KeyLeaf facility in Saskatchewan, a company with over 50 years of experience in the extraction industry.
This facility is expected to be online in the Fall of 2019. It has the capacity to extract up to 5,000 kilograms of hemp or cannabis biomass per day. The application for the licence was submitted under KeyLeaf’s previous name, POS Management Corp. And will be updated in due course.
The newly-licensed extraction platform is located in close proximity to Canopy Growth‘s large-scale outdoor hemp and cannabis grow operations. The Company looks forward to the additional capacity increasing production efficiency, augmenting output volume. And ultimately reducing operational costs for value-add products set to be rolled out in the Canadian recreational and medical markets at the end of calendar year 2019.
CEO Mark Zekulin announces
“With this milestone, we are executing against the vision of making strategic investments today in order to deliver results over the long term,” said Mark Zekulin, CEO, Canopy Growth. “This licence 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.”
How KeyLeaf facility will benefit Canopy?
The KeyLeaf facility, and broader extraction infrastructure that has been recently licensed, will complement the Company’s indoor, greenhouse, and outdoor cannabis and hemp growing operations on the one side, and its value-add beverages, vapes, softgels and edibles infrastructure on the other side. The licensing of these facilities brings the Company one major step closer to completing its Canadian build-out. It also represents a blueprint model for international expansion as global market demand dictates.
Here’s to Future Growth.
About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp and cannabis device company. It offers distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through Canopy Growth’s subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. Canopy Growth has operations in over a dozen countries across five continents.
Canopy Growth’s medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research. And furthering the public’s understanding of cannabis. It has devoted millions of dollars toward cutting edge, commercializable research and IP development. Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as single cannabinoid Dronabinol under the brand Bionorica Ethics.
Canopy operations:
Canopy Growth operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following. Due to focusing on quality products and meaningful customer relationships.
From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion. Our pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates eleven licensed cannabis production sites with over 4.7 million square feet of production capacity. It has over one million square feet of GMP certified production space. For more information visit www.canopygrowth.com
SOURCE Canopy Growth Corporation