Canopy adds 1.7 million square feet of marijuana greenhouse space in B.C.

Canopy Growth plans to exercise an option to develop an additional 1.7-million-square-foot greenhouse in British Columbia, bringing its production space in the province to 3 million square feet once the facilities are fully licensed.

In October, Canopy announced plans to form a joint venture with a greenhouse operator to develop a 1.3-million-square-foot greenhouse in B.C., with an option for additional 1.7-million square-foot greenhouse at a second location.

Canopy – Canada’s largest licensed medical marijuana producer, with a market capitalization of 6.2 billion Canadian dollars ($4.9 billion) – has indicated that licensing for BC Tweed Joint Venture’s second facility is underway.

In the company’s annual New Year update, Canopy said its production platform totals 5.6 million square feet across seven provinces.

Canopy reported cash and cash equivalents of CA$108.2 million as of Sept. 30. 2017, plus another CA$245 million it received from the Constellation investment that closed on Nov. 2.

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