Proactive Investors - Run By Investors For Investors

Canopy Growth stock jumps on new cultivation license, expanded partnership

The company's New Brunswick facility is expected to produce 5,000 kg of cannabis per year
Person signing a document
The medical cannabis producer expanded its partnership with OG DNA

Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) received a cannabis cultivation license for its facility in Fredericton, New Brunswick, the company announced Monday. The medical cannabis producer expects to cultivate more than 5,000 kg of cannabis per year at the $40 million facility with the first harvest set to hit the market within six months.

Investors liked what they heard, sending the stock up 2% before the bell to $44.38.

READ: Canopy Growth extends reach in US with acquisition of hemp company AgriNextUSA

The Smith Falls, Ontario-based company also bolstered its ongoing partnership with Los Angeles cannabis brand OG DNA Genetics. The two companies agreed to expand their current deal on Monday, allowing Canopy to bring OG’s cannabis strains to the European markets.

Canopy Growth and OG DNA first paired up in 2015 in Canada and later expanded to Jamaica as well. Their European deal is scheduled to last through 2024.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full WEED profile View Profile

Canopy Growth Corporation Timeline

Related Articles

medicinal cannabis concept
January 30 2019
Zelda has released its December quarterly report confirming multiple trials are on track.
cannabis extract
January 16 2019
The Kelowna, BC-based cannabis company specializes in the research, development, production, and testing of high-quality cannabis extracts and oils
medical cannabis concept
February 10 2019
AusCann is a fully integrated early-mover pharmaceutical cannabinoid company.
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use