Vert Mirabel, the subsidiary of Canopy Growth Corporation (TSX: WEED)(NYSE: CGC) and a portfolio company of Canopy Rivers Inc. (TSXV: RIV), announced it received the last needed cultivation license from Health Canada to approve all 700,000 square feet of its cannabis production facility in Mirabel, Quebec.
Why It Matters
The approval gives Vert Mirabel an additional 190,000 square feet of cultivation space to use at its facility. For Canopy, the approval deepens its production footprint in Canada to roughly 4.6 million square feet.
Vert Mirabel's other parent company, Bertrand, leverage its cultivation expertise to cultivate cannabis. Bertrand has an established name in large greenhouse cultivations. Before cannabis, the company was known as Canada’s largest producer of pink tomatoes.
“We are thrilled that the operational infrastructure at Vert Mirabel is now fully online with over 500,000 square feer already in production,†said Olivier Dufourmantelle, Chief Operating Officer, Canopy Rivers, in a press release. Dufourmantelle stated the company is key to Canopy River’s portfolio for its exposure to the locally grown, commercial scale cannabis market in Quebec and the rest of Canada.
What’s Next
Bertrand's Stéphane Bertrand added spoke about what the approval does for business: "Obtaining this licence will allow us to pursue our production goals in order to expand our footprint to meet the needs of the Québec market."
Canopy Growth shares traded around $44.62 Tuesday morning.
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