Ontario-based Canopy Growth Corporation has announced plans to expand south of the border to New York.
On Monday, Canada’s largest cannabis manufacturer was granted a license by New York state to process and produce hemp.
The license paves the way to establish large-scale production capabilities focused on hemp extraction and product manufacturing within the United States.
According to Canopy, the company plans to invest between $100 million and $150 million in its New York operations, "capable of producing tons of hemp" on an annual basis.
Upon the announcement, Canopy shares promptly jumped 11% and finished Monday's session at $42.49.
The company will source hemp exclusively from American farmers for its U.S. operations once functional.
If you get value from KelownaNow and believe local independent media is important to our community we ask that you please consider subscribing to our daily newsletter.
If you appreciate what we do, we ask that you consider supporting our local independent news platform.
