Canopy Growth Corporation, a licensed medical cannabis producer in Canada with interests and operations in seven countries, is set to acquire Saskatchewan-based hemp cultivator Green Hemp Industries Ltd.
Following the completion of the deal, expected late next month or early January, Canopy will operate approximately 300 acres of existing hemp production and the company anticipates their hemp operations will be scalable to 2,200 acres for the 2018 growing season.
“We look forward to rapidly scaling this operation so that, in combination with our existing hemp assets, we capitalize on the new opportunities outlined in the government’s proposed regulatory framework,” said Bruce Linton, chairman and CEO of Canopy Growth, in a press release.
Once the deal is complete, Green Hemp Principal Jason Green, who also serves as director of the Canadian Hemp Trade Alliance, will join Canopy’s hemp division as Head of Agriculture.
“Green has developed an optimized process to grow, harvest, collect, and extract the whole hemp plant at field-scale and in a fashion that meets a high standard for product quality,” Linton said.
Last month, Constellation Brands, the U.S. distributor of Corona beer and Svedka vodka, announced they had reached an agreement to acquire a 9.9 percent stake in Canopy for about $191 million.
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