Three million sq. ft. of marijuana growing capacity in B.C.

Canopy Growth is set to develop up to 3M sq. ft. of growing capacity in B.C.

Canopy Growth Corp. (TSX:WEED) says it will develop up to three million square feet of greenhouse growing capacity in British Columbia, more than doubling Canada’s biggest licensed marijuana producer’s production footprint.

The company said in a statement that it has entered into a definitive joint venture agreement with a large-scale greenhouse operator where it will be a majority shareholder of BC Tweed Joint Venture Inc., a new company.

Canopy Growth CEO Bruce Linton says the greenhouses currently grow peppers and the company will spend tens of millions of dollars to transform them to grow cannabis, the majority of which will be sold domestically.

The company will spend $20 million to develop 1.3 million square feet and hopes to have product available as soon as July 1 next year when recreational marijuana sales are set to be legalized.

Related: ‘Exploding’ marijuana industry threatens B.C. farmland

The company will lease the facility from the partner’s affiliate and will have the option to acquire it. The undisclosed partner will receive Canopy shares as consideration.

The deal expands Canopy Growth’s greenhouse production footprint to about 2.3 million square feet.

BC Tweed will also have the exclusive option to develop another 1.7 million square feet of existing greenhouse infrastructure.

Canopy started off growing indoors at a converted chocolate factory in Smiths Falls, Ont. but it has joined many others in adding greenhouse spaces, which facilitate lower cost production. It also has about 900,000 square feet of indoor production capacity.

The expansion comes as reports suggest a looming medical and recreational marijuana shortage following legalization. Licensed producers are scrambling to add production space as the country ramps up to supply a legal recreational market.

Linton said the growth comes amidst substantial demand and the company’s promises that it will fulfil any orders from any medical marijuana patients with Tweed or other Canopy Growth brands before recreational use orders.

Related: Canadians favour marijuana legalization

The supply agreement covers two years, including four million grams of cannabis and derivative products in the first year, according to a company statement.

Aleksandra Sagan, The Canadian Press

Just Posted

Invermere gets new CAO

Invermere found his new CAO after a long period of research.

Radium council discusses short term rentals

RHS council are elaborating the second draft plan for STR

Local resident turns 100

Invermere woman marks a century well-lived

Doctor Creek fire finally ‘being held’

The wildfire in Canal Flats is under control

Mount Nelson Community Garden

The Community Garden in the Mount Nelson Athletic Park is now full of vegies, herbs and flowers.

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

70-year-old punched in the head in dispute over disability parking space in Nanaimo

Senior’s turban knocked off in incident at mall parking lot

Most Read