Canopy Growth Corp. has revived and turned a small Canadian town into the Pot Capital of Canada
From the ashes of an abandoned Hershey chocolate factory, located in the thinly-populated Smiths Falls, rose the world’s largest marijuana production company. Canopy Growth Corp., which in turn transformed its new home in the small Ontario town into Canada‘s “Pot Capital”.
At least one hour away from Ottawa, Smiths Falls, which has a population of only 8,885, direly needed a revival. It was Tweed Inc., the former name of the now giant Canopy Growth Corp., that gave the small town a boost after setting four shops selling medical marijuana.
“We’re recognized as the pot capital of Canada — and we’re proud of that,” Mayor Shawn Pankow told The Toronto Star. “The local economy is certainly far better today than it was before Tweed came to town.”
The Toronto Star described Smiths Falls as being “on the rebound,” with locals expressing happiness over the transformation.
“With more younger people relocating to this town 75 kilometers southwest of Ottawa. There’s renewed interest in commercial property, new businesses are arriving and there’s even the odd bidding war on homes,” it added.
Chocolate Capital of Ontario
The town in its heyday was known as the “Chocolate Capital of Ontario.”
It was when the U.S. company Hershey employed 750 workers with a bustling plant. Hershey’s once attracted thousands of visitors in the 1960s.
In August, Global News reported that “Tweed’s employee base is nearing 300. Matching the more than 600 from Hershey’s peak.”
In addition: “In fact, there are currently 70 open jobs listed on the company’s website.”
Canopy enjoy market capitalization of approximately $5.68 billion. It is the first federally regulated, publicly traded cannabis producer in North America, traded on the Toronto Stock Exchange as WEED.