Canopy Has Now Received All Necessary Cannabis 2.0 Licences For Marijuana Beverages, Vapes and Edibles
Newly Licensed Beverage Facility Has Begun Production of Cannabis-Infused Drinks
Canopy Growth (TSX: WEED) (NYSE: CGC) announced this morning it has received its Health Canada operating and secure storage licence for the company’s 150,000 sq ft cannabis beverage facility in Smiths Falls, Ontario. The company also reported that the new facility in operational and officially began production of cannabis-infused drinks today.
With the addition of Canopy’s newest license, the company has now secured all necessary cannabis 2.0 licenses for its marijuana beverages, vapes and chocolate edibles operations. The beverage facility will complement Canopy’s cannabis production facilities in Smiths Falls which include the company’s regional distribution centre. The distribution centre includes an automated manufacturing facility and a state-of-the-art bean-to-bar chocolate factory. The Smith Falls distribution centre is also equipt with automated excise stamp lines and a first-of-its-kind Visitors Centre.
“This licence represents years of hard work to bring our vision to life. We are deeply proud of the team’s hard work and dedication that has brought us from the tear-down of the original building in early 2019, through to the completion and licensing of our brand new facility. We also appreciate the support of our partner, Constellation Brands, who lent their expertise from building and equipment design to staffing requirements for this world-class facility. Cannabis beverages have the potential to introduce an entirely different demographic to the cannabis category by presenting them with a familiar product format and an onset time akin to beverage alcohol,” stated Canopy Growth CEO Mark Zekulin.
During Canopy’s first wave of production, the company will produce eleven different beverages using its proprietary process. The company plans to add more beverage options in the future. Canopy anticipates it will begin shipping its newly produced cannabis-infused drinks to the provinces within the next few weeks.
Canopy now boasts over 10.5 million sq ft of existing, fully-licensed production capacity across its entire Canadian operation. The industry-leading Canadian licensed producer (LP) has created many award-winning brands as well as a network of licensed dispensaries cementing its place as a global cannabis leader.
Following a string of quarterly earnings that Canopy would like to forget, the company is now in a position to earn a return on its substantial cannabis 2.0 investments and its new products could be a game-changer for the company and its investors. Now that the final piece of the cannabis 2.0 arsenal has been secured, Canopy is fully committed to supplying Canadian consumers with a wide variety of new and innovative products such as cannabis-infused drinks, vapes and edibles.
Shares of Canopy Growth are currently changing hands at $24.31, down 0.65% on the day.
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