Canopy Growth Corp. (TSX: WEED) announced yesterday that they have finalized their acquisition of hemp based CBD genetics company, Green Hemp Industrie Ltd.
The transaction was based upon the acquisition of intellectual property. Green Hemp is proficient in industrial hemp harvesting techniques as well as they own a library of stable CBD-rich hemp genetics. The deal makes sense for Canopy Growth because they are one of the leaders in the world in large-scale cannabinoid extraction processes. By acquiring Green Hemp, Canopy Growth Corporation aims to become the global leader in low-cost, high yield hemp derived CBD production.
Canopy hopes that by diversifying its operations into the industrial hemp sector that it can create agricultural jobs for the people of Saskatchewanian by expanding acres of grown hemp in the area to 2,500 acres. The Canadian government has backed the company’s operations and encourages them to expand operations because of the jobs and tax dollars the hemp industry will produce. To handle the extra acreage Canopy plans to build out custom built extraction equipment at their facility in Saskatchewanian.
About Canopy Growth CorporationCanopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. 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.
Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Organa Brands, breeding legends DNA Genetics and Green House seeds, and Fortune 500 alcohol leader Constellation Brands. Canopy Growth operates seven cannabis production sites with over 665,000 square feet of production capacity, including over 500,000 square feet of GMP-certified production space. The Company has operations in seven countries across four 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 partly owned subsidiary, Canopy Health Innovations, has devoted millions of dollars toward cutting edge, commercializable research and IP development. 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 to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth.