North America’s largest pink tomato producer – whose operations are in in Mirabel Quebec, Canada – is partnering with Canopy Growth and Canopy Rivers to convert its 700,000-square-foot greenhouse for cannabis production. The new company, which has already applied to cultivate medical cannabis, will be called Les Serres Vert Cannabis Inc.
The greenhouse currently holds a valid Ecocert organic certification and the owner, Stéphane Bertrand, plans to use the company’s organic farming expertise to grow the cannabis flowers. According to a press release, the venture would be the first in the Canopy family of brands to produce organic cannabis.
“It’s the economic angle. I have new challenges on the way. Minimum salary, for me, has been taking up all my time. In the coming years it’s going to be a challenge. Will Quebecers be ready to buy tomatoes at $3 a pound while tomatoes from Mexico stay at $1.49? I think the difference between my costs and my income will grow,” – Bertrand, in a CTV Montreal interview
Bertrand will hold a 33.3 percent stake in the new company while Canopy Growth and Canopy Rivers will own 66.7 percent. Canopy will also issue $2.75 million of common shares in four equal tranches to Bertrand.
“The joint venture allows us to expand our operational footprint for greenhouse production, and establish a much larger foothold in Quebec. The fusion of Canopy’s cannabis expertise with the greenhouse expertise of Les Serres Stéphane Bertrand is fantastic news for our customers and investors.” – Bruce Linton, chairman and CEO, Canopy Growth
Canopy River will contribute $15 million to fund the development.
Get daily cannabis business news updates. Subscribe