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Canopy Growth Corporation (NYSE:CGC) is adding to its production capacity, announcing Monday that it received a license for an outdoor cultivation site in Northern Saskatchewan.
The first cannabis cuttings were planted at the 160-acre field in the province hours after the license came through, Canopy said.
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Canopy is projecting revenue generation from the rollout of the second phase of Canadian marijuana products in October.
The company touts thousands of square footage dedicated to various production efforts, including but not limited to encapsulation, cultivation, chocolate production, bottling and more. Canopy said it has several IP-protected pieces of equipment and processes to go along with its patents on vape production and extraction.
"Our team has outdoor, at-scale cannabis expertise gained from over a decade of hemp farming experience, including Canopy’s 4,000-acre hemp operation executed last year, the extract of which is bolstering our CBD supply for the medical and recreational markets," Canopy President and Co-CEO Mark Zekulin said in a statement.
Need more cannabis news? Check out all of our coverage here.
Zekulin delved into how the recently licensed site will be used going forward.
"At this stage in the summer planting season, we view this as a pilot and ramp up project for outdoor cannabis cultivation, though the team will do everything it can to deliver low cost yields this year."
Canopy shares were down 1.47% at $39.61 at the time of publication Monday.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.