Smiths Falls cannabis producer Canopy Growth is leading the charge as Canada’s largest publically traded marijuana corporation.
Canopy Growth’s most recent strategic move, sees them adding another province to their distribution channel. The company has signed a deal to provide marijuana to Prince Edward Island alongside two other distributors.
Last week, shares of Canopy reached an all-time high of $44, but have since tumbled below $38.
PEI is just the most recent national move for Canopy growth. From deals with provincial governments to act as a distribution channel for regional growers, Canopy has positioned itself into almost every province in Canada.
Cannabis Dominance by Region
Along with PEI, Canopy has business arrangements with other maritime provinces. In fact, the company is opening a $40-million production plant in St. John’s, Newfoundland. This will exist alongside four private retail stores to supply marijuana.
In addition, the organization has also secured a $40-million supply deal with New Brunswick. Canopy plans to provide roughly four million grams of cannabis and cannabis-related products over the next two years.
A large part of Canopy’s growth comes from the central provinces. In December, the company announced the conversion of a tomato greenhouse in Quebec to a full-scale marijuana grow-op.
In its home province, the company is seeing the most success. This time last year, it completed the acquisition of the former Hershey’s chocolate factory. This gave them a 472,000 square foot facility at the price of $6.6-million.
Canopy also owns operations in southwestern Ontario. The Tweed Farms greenhouse is located at Niagara-on-the-Lake. The facility provides another 350,00 square feet of production space. Their facility in Toronto, adds another 50,000 square feet to the total.
Last year, Canopy bolstered its distribution channels by adding Alberta’s Sweetgrass and Manitoba’s Delta 9 cannabis to its distribution channels. Pending license approvals, the two brands will sell their products under Canopy’s CraftGrow line through the Tweed Main Street online portal.
Last May, Canopy also acquired rTrees Producers from Saskatchewan. The current production facility is 90,000 square feet but will expand to more than 300,000 square feet.
In British Columbia, Canopy is developing up to three million square feet of growing capacity. The facility which is currently used to grow peppers will be converted to suitable grounds for cannabis production. It will cost canopy $20-million to adapt the 1.3 million square foot facility.
If the process is completed, Canopy will have more than four million square feet of growing space in Canada.