SMITHS FALLS, ON, May 9, 2019 /CNW/ - Canopy Growth Corporation
("Canopy Growth" or the "Company") (TSX: WEED) (NYSE: CGC) is
pleased to announce today that has signed an offtake agreement
with PharmHouse Inc. ("PharmHouse"), a 49 per cent-owned joint
venture of Canopy Rivers Inc. (TSXV: RIV) (OTC: CNOPOF). Under the
terms of the agreement, PharmHouse has agreed to allocate high
quality cannabis flower from an additional 20 per cent of the
flowering space available at its Leamington greenhouse facility over the next
three years.
Boasting 1.3 million square feet of greenhouse grow space, and
leveraging the resources of Canopy Growth, Canopy Rivers and its
joint venture partner have worked diligently since October 2018 to prepare the facility for
licensing. PharmHouse will leverage Canopy Growth's genetics
– selected and supplied by the Company – and flower will be
returned to the Company to be sold under Canopy Growth's diverse
brands and banners. Under the terms of the new offtake
agreement, PharmHouse is committed to producing GMP-certified, high
quality cannabis flower within 18 months of its cultivation license
and the flower must comply with the Company's high standards for
cannabis quality. GMP, or Good Manufacturing Practices,
certification is the internationally recognized system to ensure
all produced goods meet the highest consumer health and safety
standards, allowing the Company to export the flower to its
international divisions. Including this new agreement, 30 per cent
of PharmHouse's total flowering space has been committed to Canopy
Growth.
"We have witnessed Canopy Rivers and its joint venture partner
pour their hard work into the PharmHouse facility in Leamington and couldn't be more satisfied with
how it has turned out," said Bruce
Linton, Chairman & Co-CEO of Canopy Growth Corporation
and Chairman & CEO of Canopy Rivers. "We expect the same for
the flower quality that PharmHouse will be providing to Canopy
Growth. This is further evidence that the ecosystem model we had
hoped for from Canopy Rivers is demonstrating its value and this
new offtake agreement with PharmHouse speaks to how well we are
managing our numerous assets."
The vertically-integrated ecosystem sought by the Company for
Canopy Rivers is its core differentiator. By keeping production
within the ecosystem, Canopy Growth is able to leverage the
anticipated throughput and low cost of production from the
PharmHouse facility and in return receive a significant source of
high-quality dried flower.
Deliveries to Canopy Growth from PharmHouse are expected to
commence late in the second half of this year.
Here's to Future Growth.
About Canopy Growth Corporation
About Canopy
Growth
Canopy Growth is a world-leading diversified cannabis and hemp
company, offering distinct brands and curated cannabis varieties in
dried, oil and Softgel capsule forms. Canopy Growth offers
medically approved vaporizers through the Company'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. The
Company has operations in over a dozen countries across five
continents.
The Company is proudly dedicated to educating healthcare
practitioners, conducting robust clinical research, and furthering
the public's understanding of cannabis, and through its wholly
owned subsidiary, Canopy Health Innovations ("Canopy Health"), has
devoted millions of dollars toward cutting edge, commercializable
research and IP development. Canopy Growth works with the Beckley
Foundation and has launched Beckley Canopy Therapeutics to research
and develop clinically validated cannabis-based medicines, with a
strong focus on intellectual property protection. Canopy Growth
acquired assets of leading hemp research company, ebbu, Inc.
("ebbu"). Intellectual Property ("IP") and R&D advancements
achieved by ebbu's team apply directly to Canopy Growth's hemp and
THC-rich cannabis genetic breeding program and its cannabis-infused
beverage capabilities. Through partly owned subsidiary Canopy
Rivers Corporation, the Company is providing resources and
investment to new market entrants and building a portfolio of
stable investments in the sector.
From our historic public listing on the Toronto Stock Exchange
and New York Stock Exchange to our continued international
expansion, 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 heavy hitters Houseplant, icon Snoop Dogg, breeding
legends DNA Genetics and Green House seeds, Battelle, the world's
largest nonprofit research and development organization, and
Fortune 500 alcohol leader Constellation Brands, to name but a few.
Canopy Growth operates ten licensed cannabis production sites with
over 4.3 million square feet of production capacity, including over
500,000 square feet of GMP certified production space. The Company
operates Tweed retail stores in Newfoundland and Manitoba and has entered into supply
agreements with every Canadian province and territory. For more
information visit www.canopygrowth.com
Notice Regarding Forward Looking Statements
This news
release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and "forward-looking information" within the meaning of applicable
Canadian securities legislation. Often, but not always,
forward-looking statements and information can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or information involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Canopy Growth or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements or information contained in this news
release. Examples of such statements include statements such as
"Deliveries to Canopy Growth from PharmHouse are expected to
commence in the second half of this year". Risks,
uncertainties and other factors involved with forward-looking
information could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information, including
the Company's ability to satisfy provincial sales contracts or
provinces purchasing all cannabis allocated to them, and such risks
contained in the Company's annual information form dated
June 27, 2018 and filed with Canadian
securities regulators available on the Company's issuer profile on
SEDAR at www.sedar.com. Although the Company believes that the
assumptions and factors used in preparing the forward-looking
information or forward-looking statements in this news release are
reasonable, undue reliance should not be placed on such information
and no assurance can be given that such events will occur in the
disclosed time frames or at all. The forward-looking information
and forward-looking statements included in this news release are
made as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
information or forward-looking information to reflect new
information, subsequent events or otherwise unless required by
applicable securities laws.
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SOURCE Canopy Growth Corporation