Canopy Growth, New Brunswick sign MOU for weed supply
CANOPY GROWTH Corp. and the Province of New Brunswick have reached a significant milestone in the history of Canadian cannabis, whereby the government of New Brunswick, through a newly created provincial authority and Canopy Growth, have entered into a supply memorandum of understanding (MOU) to guarantee a reliable and high-quality supply of cannabis products into New Brunswick’s retail stores that will flow from a Crown corporation newly formed by the Province of New Brunswick.
As one of the first MOUs between a licensed cannabis producer and a provincial body for cannabis supply for the retail environment, this is a concrete step toward the federally targeted date of July, 2018, for legalization of recreational-use cannabis. Canopy Growth is excited, along with fellow producer Organigram, to be a part of this landmark moment, and commends the leadership shown by the Province of New Brunswick as it moves pro-actively to ensure its supply needs are met for the anticipated adult-use cannabis market.
The two-year supply agreement, including four million grams of cannabis and cannabis derivative products for the first year, is expected to have an estimated retail value of $40-million in its first year.
“New Brunswick has led the country in its efforts to attract cannabis jobs and investment and Canopy Growth is proud to be utilizing local trades and to hire in New Brunswick for the site we are establishing in Fredericton,” said Mark Zekulin, president, Canopy Growth. “Today we take the next step towards the future of cannabis in New Brunswick with a truly historic MOU. We are excited to bring high-quality brands like Tweed, Leafs By Snoop, DNA Genetics, as well as a number of the best independent craft grow cannabis producers across Canada to the people of New Brunswick through this arrangement.”
Based on production capabilities across the Canopy-wide production platform, this agreement will not affect medical sales or our commitment to meeting the needs of Canadians who require cannabis for medical purposes.
Staying true to its long-standing commitment to corporate social responsibility, including partnerships with MADD Canada, the Canadian AIDS Society, Parent Action on Drugs and a commitment to contribute funds from all on-line cannabis oil sales to education, Canopy Growth will proudly rem it a monetary amount equal to 2 per cent of the gross value of all cannabis products sold to the government annually for social and/ or educational programs.
About Canopy Growth Corp.
Canopy Growth is a world-leading diversified cannabis company, offering distinct brands and curated cannabis varieties in dried, oil and capsule forms. Through its wholly owned subsidiaries, Canopy Growth operates numerous state-of-the-art production facilities with over half a million square feet of GMP-certified indoor and greenhouse production capacity, all to an unparalleled level of quality assurance procedures and testing. Canopy Growth has established partnerships with leading sector names in Canada and abroad, with interests and operations spanning four continents.
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