Canopy River's Ontario Joint Venture PharmHouse Obtains Health Canada License Amendment

Canopy Rivers Inc. CNPOF RIV said Monday that its 49%-owned joint venture in Ontario, PharmHouse Inc., has obtained a Health Canada license amendment that enables PharmHouse to grow across its entire greenhouse. 

PharmHouse should start to increase its production following its offtake agreements with Canopy Growth Corp. CGC and TerrAscend Canada Inc. TRSSF, according to the press release.

PharmHouse has dedicated 50% of its 2020 output to these agreements and is now planning to utilize the other 50% of its capacity for its own private label brand and additional offtake agreements.

See Also: Canopy Rivers Posts Quarterly Net Loss, Withdraws 2020 EBITDA Guidance

"The receipt of our license amendment represents a large milestone for PharmHouse," Tony Abbas, the company's general manager, said in a statement.

“Since the inception of PharmHouse, it has been our goal to bring innovation and consistency to greenhouse cannabis cultivation. With our full production capacity available to us and with the experience and market presence of our partners, we hope to change the industry concept of commercial cannabis production."

Canopy Rivers shares were trading 9.09% higher at 72 cents per share at the time of publication Monday.