Canopy Growth, a leader in the Canadian marijuana industry, will enter the U.S. cannabis market by building a $150 million industrial park in Kirkwood, New York, for the manufacture of hemp products.
Canopy announced in January it would spend up to 200 million Canadian dollars ($148 million) developing a facility for hemp-derived cannabinoid extraction “and related manufacturing.”
The Smiths Falls, Ontario-based company, which trades on the New York Stock Exchange as CGC. has no plans to grow hemp in the Empire State.
Instead, Canopy will make agreements with farmers to supply the plant, and priority will be given to New York farmers.