Canopy Growth Corporation (TSX: WEED) (NYSE: CGC), a Canadian public cannabis company with a market cap of $7.71 billion dollars, announced this morning that the company has signed an agreement with the the Manitoba Liquor and Lotteries Corporation to supply their province with high quality cannabis products for the upcoming recreational market in October 2018.
Under the terms of the signed agreement, Canopy Growth will supply Manitoba with 6,500 kilograms of cannabis products over the the next year. Canopy Growth Corp will be supplying the province with products from their owned subsidiaries Tweed, DNA Genetics, and Leafs By Snoop.
The Manitoba Liquor and Lotteries Corporation has the right to extend the initial agreement for an additional year and ask that Canopy Growth increases supply if need be. Canopy Growth and Delta 9 Cannabis Inc. have plans set in place to open a series of Tweed branded retail location throughout Manitoba.
Mark Zekulin, President, Canopy Growth gave this statement in the press release:
“Signing a supply agreement with Canopy Growth ensures that Manitoba residents will have access to a reliable supply of the most exciting brands and cannabis products available.As we move closer to a legal adult use cannabis market, supply agreements like this directly support Canopy Growth’s strategy for capturing and increasing market share.”