Canopy Growth Corp (TSE:WEED) has bought Spot Therapeutics Inc., an ACMPR contender based in Fredericton. Additionally, via an affiliated entity, the firm has finalized a definitive deal to close the previously reported purchase of the industrial building and asset where the firm’s Fredericton-based distribution and production platform is being developed. These strategic acquisitions strengthen company’s commitment to expand businesses into New Brunswick with an extensive indoor production facility both cost efficiently and quickly.
Bruce Linton, the CEO and Chairman of Canopy Growth, reported that New Brunswick has emerged as a remarkable place to do operations in the cannabis sector. They will leverage their prevailing supplement and operational expertise what the Spot team has already commenced so that they can get this facility started quickly, supporting local trades and construction to ensure they are doing a notable contribution to the local economy.
The facility will work under the Tweed brand and boost the firm’s international operations with high-quality, large scale cannabis production features. The prevailing infrastructure and building is in excellent condition and includes around 40,000 square feet of dedicated manufacturing space. Once approved, this initial footprint is expected to manufacture more than 4,000 kg of dried cannabis yearly. With the property suitably zoned and suited for expansion to more than 100,000 square feet, this location establishes an ideal platform for upcoming growth.
J.W. Bud Bird expressed that they are delighted by the sale of their building and impressed with the key expansion measures that Canopy Growth has designed for the property. Since originally reporting the plan to buy the facility, Canopy has been working assiduously on amendments to the current application to conform to the firm’s standardized operating procedures and infrastructure layout.
Engineering drawings and plans have already been done and construction on the facility should start in October 2017. The facility is expected to be ready for production and licensing before the close of 2017.