Canopy Growth Corp. announced plans to build Denmark’s first medical marijuana production facility to meet demand when Europe’s newest MMJ market comes online next year.
Spectrum Cannabis Denmark ApS – a joint venture between Canopy and Danish Cannabis ApS, a leading European hemp producer – will establish the 430,000-square-foot production facility in Odense, Denmark’s third-largest city on the island of Funen.
The new MMJ facility is expected to employ more than 125 – including the former orchid growers, who will all be offered employment.
Canopy, traded on the Toronto Stock Exchange as WEED, estimated the annual retail value of the MMJ will be 500 million Danish kroner ($8 million).
What you need to know:
- Denmark will allow medical marijuana use beginning in January 2018.
- Spectrum Cannabis Denmark is proceeding through the Danish Medicines Agency’s MMJ licensing process for production.
- In the meantime, cannabis will be shipped from Canada to meet growing demand in Denmark.
- Products available in 2018 include 10 dried cannabis strains, ingestible cannabis oils and soft gel capsules.
- The first phase, converting a current greenhouse, could be completed in early 2018.
- The finished facility could serve the needs of about 60,000 patients.