Canopy Growth (TSX:WEED) announced it will acquire certain assets and intellectual property from Green Hemp Industries.
As quoted in the press release:
The Transaction marks a major milestone in Canopy Growth’s hemp business and is expected to enhance Canopy Growth’s vertically integrated field-scale hemp production capabilities.
In addition to acquiring Green’s farm operations and associated assets, equipment, genetic stock, and other property, Canopy Growth will operate approximately 300 acres of existing hemp production after completion of the Transaction, which it anticipates will be scalable to 2,200 acres for the 2018 growing season.
“Green has developed an optimized process to grow, harvest, collect, and extract the whole hemp plant at field-scale and in a fashion that meets a high standard for product quality. We look forward to rapidly scaling this operation so that, in combination with our existing hemp assets, we capitalize on the new opportunities outlined in the government’s proposed regulatory framework,” said Bruce Linton, Chairman and CEO, Canopy Growth.