Canopy Growth to invest over US $100m in New York hemp industry

Canopy Growth Corporation has been granted a licence by New York State to process and produce hemp.

The company has outlined its commitment to invest in New York in order to establish a Hemp Industrial Park, earmarking between US $100 million and US $150 million for the project.

The firm has celebrated Governor Andrew M. Cuomo’s leadership at the New York state level, which has led to the creation of the Hemp Research Pilot Program.

In addition, it applauded U.S. Senator Charles E. Schumer, who was instrumental in the passage of the US Farm Bill – legislation which gives Canopy Growth the federal guidance it needed to make a significant investment in New York.

Canopy Growth will establish within the Hemp Industrial Park large-scale production capabilities focused on hemp extraction and product manufacturing within the United States.

“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,” said Bruce Linton, Chairman and Co-CEO, Canopy Growth. “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.”

“Canopy Growth’s $100-$150 million investment in the Southern Tier is a true win-win – for Canopy Growth, and for the Southern Tier’s economy and farmers.”

Senator Schumer (pictured)

The firm said it would produce tons of hemp each year from the expansion, citing it as ‘another example of the strategic advantage Canopy Growth has earned with the recently-closed $4 billion USD strategic investment made by Constellation Brands’.

Senator Schumer said: “Canopy Growth’s $100-$150 million investment in the Southern Tier is a true win-win – for Canopy Growth, who will be positioned at the forefront of Upstate New York’s industrial hemp revolution, and for the Southern Tier’s economy and farmers, which will receive a major shot in the arm in new good-paying jobs.

“I fought so hard to strip the burdensome federal regulations from industrial hemp in our Industrial Hemp Farming Act of 2018, which was recently included in the Farm Bill, because I knew how much it could mean to the Southern Tier, and this investment proves it. I’m so pleased that Canopy Growth is joining my efforts to make the Southern Tier the Silicon Valley of industrial hemp production and research and will keep pushing to see industrial hemp become a true cash crop in the region.”

Based on its expertise in hemp-derived cannabinoid extraction and processing, Canopy Growth has been granted a licence by New York State to process hemp for various applications.

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.

The company is in the process of evaluating a number of sites in the Southern Tier of New York, which will become one of its first extraction and processing facilities outside Canada, and it intends to announce the specific location within 100 days.

Canopy Growth will be the anchor business in the broader Hemp Industrial Park where third parties can join a ‘hemp ecosystem’ focused on every potential application of the hemp crop, from fiber, to seed, to cannabinoids.Cannabis Business Worldwide

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