Canopy Growth Receives Key Extraction Licence
SMITHS FALLS, ON— Canopy Growth Corporation (TSX: WEED), (NYSE: CGC) (“Canopy Growth” or the “Company”) is pleased to announce that it has received a licence from Health Canada for its KeyLeaf Life Sciences (“KeyLeaf”) facility in Saskatoon, Saskatchewan. Including the Smiths Falls site and the recently licensed BC Tweed extraction site, Canopy Growth now operates three significant extraction assets to support the throughput required for large scale value-add product development.
Canopy Growth recently retrofitted the now fully licensed KeyLeaf facility in Saskatchewan, a company with over 50 years of experience in the extraction industry. This facility is expected to be online in the Fall of 2019 and has the capacity to extract up to 5,000 kilograms of hemp or cannabis biomass per day. The application for the licence was submitted under KeyLeaf’s previous name, POS Management Corp. and will be updated in due course.The newly licensed extraction platform is located in close proximity to Canopy Growth’s large-scale outdoor hemp and cannabis grow operations. The Company looks forward to the additional capacity increasing production efficiency, augmenting output volume, and ultimately reducing operational costs for value-add products set to be rolled out in the Canadian recreational and medical markets at the end of calendar year 2019.
“With this milestone, we are executing against the vision of making strategic investments today in order to deliver results over the long term,” said Mark Zekulin, CEO, Canopy Growth. “This licence will ensure we have the supply of extraction inputs for the medical, CBD, and recreational markets, especially the next generation of value-add, high margin cannabis products here in Canada.”
The KeyLeaf facility, and broader extraction infrastructure that has been recently licensed, will complement the Company’s indoor, greenhouse, and outdoor cannabis and hemp growing operations on the one side, and its value-add beverages, vapes, softgels and edibles infrastructure on the other side. The licensing of these facilities brings the Company one major step closer to completing its Canadian build-out, and also represents a blueprint model for international expansion as global market demand dictates.
Here’s to Future Growth.
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