Aphria, a federally licensed Canadian medical marijuana producer, increased its investment in an Arizona MMJ grower by $3 million.
Aphria now owns 5% of Copperstate Farms LLC through its subsidiary, Aphria (Arizona), and Copperstate Farms Investors controls the remaining 95%, according to a news release.
Aphria, based in Leamington, Ontario, on March 22 became the third Canadian MMJ company to publicly trade on the Toronto Stock Exchange.
Copperstate owns about 1.7 million square feet of greenhouses in Snowflake, Arizona, and plans to have approximately 348,000 square feet – a tad over 20% of the entire site – of that space in operation for medical cannabis production by the fall. The company is currently using about 6,000 square feet of that space for cannabis cultivation, according to the news release.
The Arizona Department of Health Services must still approve the expansion, according to Aphria.
Copperstate estimates the expanded operation could produce approximately 39,600 pounds of cannabis annually. The grower expects its first harvest from the expanded site in early summer and a full harvest later in the year.