A Canadian cannabis firm plans to invest between $100 million and $150 million to anchor a hemp industrial park to be sited in the Southern Tier after New York granted the company a license to process and produce hemp.
Smith Falls, Ontario–based Canopy Growth Corp. (NYSE: CGC) plans “large-scale” production capabilities focused on hemp extraction and product manufacturing within the hemp industrial park, the company announced in a news release Monday.
The effort will lead to “approximately 400 jobs” U.S. Representative Anthony Brindisi (D–Utica) said in a statement his office released Monday in reaction to the Canopy Growth announcement.
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The firm’s release didn’t include a job-count figure.
Canopy Growth is in the process of evaluating a number of sites in the Southern Tier, which will become one of its first extraction and processing facilities outside Canada. The company intends to announce the specific location “within 100 days,” per its release.
“Canopy Growth was founded to drive innovation within the cannabis and hemp industries. In New York, we see an opportunity to create products that improve people’s lives,” Bruce Linton, chairman and co-CEO of Canopy Growth, said. “In the process, we will create jobs in an exciting, highly profitable new industry. I applaud the political leadership at the federal and state level that has allowed today’s announcement to become reality.”
The firm calls the project “another example of the strategic advantage Canopy Growth has earned” following a recently closed $4 billion investment that Constellation Brands (NYSE: STZ) made in the company. Constellation Brands, headquartered in the Rochester area, produces and markets beer, wine, and spirits.
About Canopy Growth
Canopy Growth contends New York granted it a license to process hemp for “various applications” based on “its expertise in hemp-derived cannabinoid extraction and processing,” per its release.
Canopy Growth is a large-scale extractor with “specific experience” producing standardized medical products. Its production processes have achieved GMP certification, the global standard for pharmaceutical production, at its Canadian headquarters in Smiths Falls, Ontario.
Contact Reinhardt at ereinhardt@cnybj.com
