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.
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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.
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