It's safe to say Canopy Growth Corporation, Canada's largest licensed producer of cannabis, is growing like a weed.
This morning, the company announced that it established a new venture in British Columbia with an unnamed partner that will see an existing greenhouse converted to grow cannabis.
They have entered into an agreement to create a new company called B.C. Tweed Joint Venture Inc.
This makes B.C. the sixth province within which Canopy will be directly conducting business.
Presently, the Smith Falls, Ontario-based firm plans to develop 1.3 million square feet, or 30 acres, of greenhouse growing capacity on a 55-acre parcel of land to create its largest growing facility to date. The property is owned by an affiliate of the partner, but Canopy reports that it has the option to acquire it.
It also has the option to develop another 1.7 million square feet of greenhouse space in a second location in the province through the same unnamed partner.
If all goes well, Canopy's total greenhouse footprint in Canada will top out at 4 million square feet, following the completion of an expanded facility in Niagra-on-the-Lake, Ontario. Subsidiaries of Canopy Growth include Tweed, Spectrum, Bedrocan, and Vert Medical.
The company has applied for production licences for both B.C. facilities and is hopeful that it will be able to offer product produced at these greenhouses by July 1, 2018.
According to a press release from the company, its partner has managed and operated more than 5.8 million square feet of greenhouse infrastructure in the past 30 years, and is "an experienced large scale, low cost hydroponic greenhouse operator," with an equally experienced operations team.
This follows news from the company last week that it signed an agreement with Kelowna-based Valens GroWorks as part of its CraftGrow program.