Canopy Growth secures site for NY state hemp industrial park

canopy.jpg

Canopy Growth (TSX:WEED; NYSE:CGC) secured a 308,000-square-foot facility on a 48-acre property in Kirkwood, NY for its hemp industrial park in the southern tier region of New York State.

The vision for the property is to build the infrastructure necessary to support hemp-derived cannabinoid extraction and related manufacturing together with providing an opportunity for participation by other businesses in the hemp industry. Design work will begin immediately with construction commencing this summer.

"The vision for our investment is to create an ecosystem that inspires new entrepreneurs and generates more economic stimulus than a single company can offer,” Bruce Linton, chairman & co-CEO of Canopy, said in a statement.

“As we build the facilities, we'll also attract like-minded businesses who share our excitement for the emerging hemp and hemp-derived cannabinoid markets,” he added.

Canopy plans to begin hiring senior leadership in late 2019 and recruit the full workforce in mid-2020. The company also has begun securing farm capacity to supply enough hemp for its own future extraction and formulation activities within the park, prioritizing farms within New York State for the supply of hemp. The new hemp facility will be capable of producing tons of hemp extract on an annual basis.

Michelle Carr