The Canopy Growth Corp. (TSX: WEED) has announced that it has been issued a license from Health Canada permitting the cultivation of up to 1.3 million square feet of cannabis. Under the auspices of the BC Tweed Joint Venture, Inc., the Canopy Growth Corp. will own and operate the largest federally licensed cannabis site in the world. Tweed is a nationally recognized cannabis production brand that brings established, large-scale, greenhouse experience to the table. The Canopy Growth Corp. owns 2/3 of the joint venture with a silent partner.
Development of the state of the art
greenhouse facility has been underway since October, 2017 and company disclosures indicate that the site should be producing cannabis for commercial sale by the end of July, 2018. The initial license covers 400,000 square feet in order to accommodate over 100,000 cannabis clones and will expand to 1.3 million square
feet as the plants mature.
The Canopy Growth Corp. already operated 778,000 square feet of federally licensed cannabis production prior to the issuance of the current license. According to the company’s last quarterly MD&A filing, the current license will raise that figure to 2,078,000 operational square feet with an additional 3.4 million square feet in the development and licensing phase.