Canadian Canopy Picks New Site for Cannabis Production in Newfoundland

The growth came as Canopy reported a profit attributable to the company of $1.6 million or a penny per diluted share. (File image via Canadian Press)
Voters overwhelmingly approved legalizing medical marijuana on the island for debilitating medical conditions such as epilepsy, HIV, cancer and glaucoma. (File image via Canadian Press)

Canopy Growth, Canada’s biggest licensed producer of medical marijuana, said it has picked a new site for a cannabis production facility in Newfoundland, but it isn’t revealing the exact location, CBC News reported on Monday.

“We’re very excited to be making progress in the province and I’m happy to report Canopy has indeed secured the site of our future production facility,” the company’s spokesman Jordan Sinclair said in an email to CBC News.

“We will share more details in the weeks ahead on the exact location and path forward. There’s a lot of work to do and we’re right on track to date.”

The news comes after Newfoundland and Labrador signed in December a deal with Canopy to guarantee that the eastern province has a “safe and secure supply” of cannabis when it is legalized this summer.

Following the deal, Canopy pledged to build the facility on northeast Avalon. The new plant is expected to be operational by 2019 and to create 145 jobs.

The deal also has the potential for making $40-million worth of tax breaks down the road.

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