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Canopy Growth Gains Key Extraction License, Now Runs 3 Extraction Assets

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Canopy Growth Gains Key Extraction License, Now Runs 3 Extraction Assets
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Canopy Growth Corporation (TSX: WEED)(NYSE:CGC) announced Tuesday it has gained Health Canada’s license for its KeyLeaf Life Sciences facility in Saskatoon, Saskatchewan.

With this addition, the company now runs three substantial extraction assets, with the other two being Smiths Falls site and BC Tweed extraction site.

The KeyLeaf facility was recently adapted for Canopy Growth’s use, planning to start using it in the fall, extracting up to 5,000 kilograms of hemp or cannabis biomass daily.

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This is another step in Canopy Growth’s capacity expansion plan, as it aims to be more productive and to cut operational costs by the end of the year, the company reported.

"With this milestone, we are executing against the vision of making strategic investments today in order to deliver results over the long term," said CEO Mark Zekulin. "This licence will ensure we have the supply of extraction inputs for the medical, CBD, and recreational markets, especially the next generation of value-add, high margin cannabis products here in Canada."

The stock closed Monday’s session at $26.72 per share.

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Posted-In: Mark ZekulinCannabis News Markets

 

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