Canopy Rivers Inc CNPOF, the venture capital arm of Canopy Growth Corp CGC, announced Monday its PharmHouse Joint venture had obtained a cultivation license from Health Canada.
PharmHouse, in which Canopy Rivers holds a 49% stake, will immediately start cultivation operations at its facility on 190,000 square feet of licensed nursery infrastructure. The company expects to expand cultivation to the entire 1.3 million square feet by the end of the year.
Benzinga's Cannabis Capital Conference heads to Detroit on Aug. 15 -- Click here to learn more!
Why This Is Important
The other party involved in the joint venture is Mastronardi Produce Limited, a conglomerate of principals and operators of North American agriculture and produce.
PharmHouse's Leamington, Ontario-based greenhouse facility, which Canopy Rivers helped finance, build and facilitated the license application process for, is one of the largest in the world and uses a high degree of automation and lean manufacturing processes inspired by commercial agriculture best practices.
Canopy Rivers stock closed Friday at $2.30 per share.
Related Links:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.