Canopy Development announces multi-year extraction agreement with Victoria-primarily based HollyWeed North Cannabis Inc. – Cannabis News | Marijuana News

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SMITHS FALLS, ON and VICTORIA, BC, March 20, 2019 /CNW/ – Canopy Development Corporation (TSX: WEED) (NYSE: CGC) (“Canopy Growth” or the “Company”) and HollyWeed Manufacturing &amp Extracts Inc. are pleased to announce they have entered into a multi-year processing and extraction agreement.

HollyWeed North Cannabis Inc., the parent corporation of HollyWeed Manufacturing &amp Extracts Inc., is a female-led, LGBTQ2-constructive corporation primarily based in British Columbia that operates a number of subsidiaries specializing in the development, manufacturing, licensing, and production of cannabis and other pharmaceutical grade solutions.

Below the terms of the two-year agreement, HollyWeed Manufacturing &amp Extracts Inc. will procedure dried cannabis supplied by Canopy Development, in their sophisticated manufacturing facility in Victoria and will return the higher-high-quality oil and resin back to the Firm. The improved provide of this contracted extraction throughput adds to the Company’s in-property capacity and supports Canopy Development with extra throughput as it brings a suite of new solutions to the market place later this calendar year. The extraction solutions supplied by HollyWeed will make on the Company’s personal in-property manufacturing and production primarily based in Smiths Falls, Ontario and will extend Canopy Growth’s production commitment in British Columbia, exactly where it at the moment has extra than 3 million square feet of completely operational develop space positioned in Delta and Aldergrove.

“This is an chance for Canopy Development to make a robust partnership with a different higher-high-quality Canadian corporation. The cannabis resin we get from HollyWeed will be made use of for our present providing of oils and softgels, as nicely as our future sophisticated manufacturing solutions,” mentioned Bruce Linton, Chairman and co-CEO of Canopy Development. “Ensuring we continue to present the highest high-quality cannabis oil and resin will be critical for our entry into the edibles market place and supports our all round aim of producing a wide selection of higher-high-quality solutions out there to our shoppers.” 

“We are pretty excited to present extraction solutions to Canopy Development, a international leader in cannabis production,” remarked Renée Gagnon, CEO of HollyWeed North Cannabis Inc. “We are extremely proud that the high-quality of our proprietary extraction procedure caught the eye of an sector leader like Canopy Development and will amplify their personal globe-major extraction skills. This is certainly a new and fascinating chapter for HollyWeed.”

HollyWeed and Canopy Development anticipate the initially shipment of item for extraction will happen in fall 2019 and anticipate getting capable to leverage the resin shortly thereafter.

Here’s to Future (West Coast) Development.

About HollyWeed North Cannabis Inc. 87

HollyWeed North is a private Canadian corporation incorporated in British Columbia, established in 2016, with operating subsidiaries specializing in the development, manufacturing, licensing and production of cannabis and other pharma grade solutions. HollyWeed North’s subsidiaries contain HollyWeed Manufacturing and Extracts Inc., a Common Processing licensed corporation incorporated in British Columbia specializing in cannabis extraction and item manufacturing HollyWeed Develop Inc., a late stage federal ACMPR applicant, also a private corporation incorporated in British Columbia specializing in the development of healthcare cannabis and cannabis solutions HollyWeed Retail Inc., a retail tactics provider and provide chain management corporation incorporated in British Columbia HollyWeed Bakery Inc., a developer and manufacturer of exceptional cannabis baked goods and edibles incorporated in British Columbia and TerraCube International Inc., a manufacturer and developer of proprietary scalable, sanitary develop facilities incorporated in British Columbia. HollyWeed North is at the moment restructuring its capital such that, upon execution of the Definitive Agreement, all the subsidiaries will be wholly-owned by HollyWeed North.

About Canopy Development Corporation


Canopy Development is a globe-major diversified cannabis and hemp corporation, providing distinct brands and curated cannabis varieties in dried, oil and Softgel capsule types. Canopy Development provides medically authorized vaporizers via the Company’s subsidiary, Storz &amp Bickel GMbH &amp Co. KG. From item and procedure innovation to market place execution, Canopy Development is driven by a passion for leadership and a commitment to creating a globe-class cannabis corporation a single item, internet site and nation at a time. The Firm has operations in more than a dozen nations across 5 continents.

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