Canopy Growth, already one of Canada’s biggest licensed medical marijuana producers, finalized its purchase of rTrees Products, a move that extends Canopy’s cultivation operations into the western reaches of the country.
The two companies entered into the acquisition agreement in early April before finalizing the deal this week. Terms weren’t disclosed.
rTrees Products – which will be known as Tweed Grasslands going forward – is undergoing final inspections and expects to be awarded an MMJ cultivation license in a few months, a spokesman told CBC News.
“Finding the right opportunity to expand our footprint to western Canada has been an important priority for our team,” Canopy CEO Bruce Linton said in a news release.
Tweed Grassland owns 11 acres and has 90,000-foot indoor grow facility that is 20% built out. The facility could be expanded to 300,000 feet, according to the news release. Tweed Grasslands hopes to hire up to 50 employees once it’s licensed.
Based in Smiths Falls, Ontario, Canopy already owns three companies in that eastern province – Tweed, also in Smiths Falls; Bedrocan Canada, in Toronto; and Mettrum, in Bowmanville.