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.