Canopy Growth Acquires NY Facility For Hemp Industrial Park

Alex Oleinic - finance.yahoo.com Posted 5 years ago

Canopy Growth Corp (NYSE: CGC)'s plans to build a Hemp Industrial Park in New York are in full swing.

What Happened

The Canadian cannabis company said it has secured a facility in Kirkwood and will commence design and construction to ready it to support the extraction and manufacturing of hemp-derived cannabinoids.

Canopy Growth, which obtained a hemp license from the New York State in January, said the 308,000-square-foot facility is located on a 48-acre property. Local contracted construction teams are expected to start working on retrofitting the facility this summer. 

Canopy said it expects the project will create hundreds of new local full-time positions in addition to contracted construction workers. 

Why It's Important

Canopy Growth's facility in New York is a major investment in the state's economy, with the company committing to invest between $100 million and $150 million. In addition to creating jobs, the facility will serve as the main buyer for many hemp farmers in the region. The company expects the facility to be capable of producing tons of hemp extract on an annual basis. 

What's Next

Canopy Growth said it plans to start hiring senior leadership in late 2019 and recruit the rest of the workforce in mid-2020. It also plans to start approaching third-party organizations to join its ecosystem.

Related Links:

The Week In Cannabis: Conferences, Clean Slate Act, Earnings, Aurora, Canopy-Acreage And More

The State Of The Hemp Markets At The End Of April

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