Tweed, subsidiary of public company Canopy Growth Corp. (TSX: WEED), announced this morning that the company is under construction on a new processing facility and four additional retail locations in Newfoundland and Labrador, Canada.
Tweed has the support of the Government of Newfoundland and Labrador to develop its new cannabis based locations in the province. Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation, Newfoundland and Labrador, and Jeff Ryan, Vice-President of Canopy Growth, are in charge of the development of the new facility and retail shops.
The cultivation facility is expected to have an output of 12,000kg of medicinal cannabis annually. Over the course of the next 5 years the facilities research and development unit is expected to receive a $500,000 from Canopy Growth Corporation.
The retail shop locations are expected to target the new recreational adult cannabis industry when Canada legalizes its commercial use this summer. The new facilities are expected to create over 200 new jobs in the area, as well as, generate much needed taxes for the province.
From the Press Release:
“Our government congratulates Canopy Growth on reaching this important milestone and breaking ground on the site of its new production facility. Our vision is an industry which leads to production, job creation, supply chain development and research and development in this province. We welcome the 145 new jobs that will be created at Canopy Growth’s production facility and look forward to continued growth in this industry,” said the Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation, Newfoundland and Labrador.
You may be interested
VividGro, a Pegasus Capital Advisors Portfolio Company, Announces Partnership with Merida Capital PartnersEditor - August 17, 2018
Partnership to Focus on Growth in Horticultural and Cannabis Industries VividGro, LLC, a portfolio company of private equity firm Pegasus Capital Advisors (Pegasus), today announced it has…
Harborside to Go Public Via Canadian Reverse Takeover in Deal Valued at C$200 MillionEditor - August 15, 2018
Harborside, a California based cannabis dispensary brand with multiple locations, is planning the reverse takeover of Canadian public company Lineage Grow Company Ltd. (CSE: BUDD). Lineage is…
The City of Los Angeles Has Begun Accepting Applications for Cannabis LicensesEditor - August 15, 2018
At the beginning of this month, the city of Los Angeles finally decided to start accepting license applications from cannabis growers, manufacturers, and testing labs. Although marijuana was…